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What do juries maximize?
The great legal scholar Richard Posner once famously asked, “What do judges maximize?” Given all the publicity surrounding the “not guilty” verdict in the trial of George Zimmerman for the murder of Trayvon Martin, I would ask a different question, … Continue reading
Are patent trolls efficient?
David Segal has just published this fascinating feature on patent-troll extraordinaire Erich Spangenberg in the Sunday Times under the title “Has Patent, Will Sue.” In brief, a “patent troll” is someone who buys patents and then sues firms for infringing its patents. … Continue reading
Terry Anderson on “free market environmentalism”
Economist Terry L. Anderson has been lecturing on “Environmental Markets” these last two days at the Law & Economics Institute sponsored by George Mason University. His argument is simple: instead of treating the environment as an open-access commons, we are … Continue reading
Is the FISA court constitutional?
Congress created this court in 1978, so the real question is, does Congress have the power under the Constitution to create such a secret court? Also, what does this secret court say about our commitment to the rule of law, or … Continue reading
Tyler Cowen asks, “Where should Edward Snowden go?”
prior probability‘s second-favorite economist, Tyler Cowen, poses this question here, discussing the pros and cons of Bolivia, Nicaragua, and Venezuela. For our part, prior probability wonders whether this much-publicized list of countries is just a strategic ruse to divert attention … Continue reading
Why pay for iTunes when you can download music for free?
During the last two days I have been attending some lectures on price theory (or “microeconomics”) at the 29th Annual LEC Economics Institute for Law Professors. I teach torts and constitutional law, and my areas of research are the evolution … Continue reading
Why do brides buy dresses while grooms rent tuxedos?
Professor Eric Helland of Claremont McKenna College posed an interesting puzzle during today’s Law & Economics Institute: Why do most brides buy expensive wedding dresses while most grooms most rent tuxedos? What do you think? Now, let me ask you a … Continue reading
Should Tom Brady mow his own lawn?
For the next 12 days I will be attending the 29th LEC Economics Institute for Law Professors in Avon, Colorado. In preparation for this institute, I have been dutifully reading N. Gregory Mankiw’s textbook on price theory (“Principles of Microeconomics”), … Continue reading
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Tagged Law & Economics, N. Gregory Mankiw, Price Theory, Tom Brady
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Should there be a market in streets and parking spaces?
Alex Tabarrok posted the following yesterday on Marginal Revolution: Here from Alain Bertaud and the Urbanization Project is another way of thinking not just about the high cost of free parking but also the opportunity cost of streets. In New York City, a place … Continue reading
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A case of mistaken identity … Medema on Stigler on Coase
If you are interested in learning how the famous Coase theorem got its name, let me recommend the following paper by Stephen Medema, “A case of mistaken identity: George Stigler, ‘The problem of social cost,’ and the Coase theorem”. You … Continue reading
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Tagged Coase Theorem, George Stigler, harmful effects, Stephen Medema
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