What does it mean to “interpret” the Constitution?

This is one of the penetrating questions Richard Posner posed at the Sixth Annual Constitutional Law Colloquium at Loyola University in Chicago. According to Judge Posner, judges resort to various ad hoc theories of interpretation to decide cases when the text of the Constitution itself does not provide any obvious or sensible answer to the issue presented in the cases before them. Take “the right to free speech,” for example. The text of the First Amendment clearly states that the Congress shall not “abridge” the right to free speech, yet despite the explicit existence of this textual right, many forms of speech–threats, false statements, copyright infringement, etc., etc.–are abridged via legislation as a matter of course. For Posner, then, “interpretation” is just a fancy word for judicial problem-solving (i.e. deciding disputes) in those cases in which the text of the Constitution is of no help. Returning to Posner’s preferred example (free speech), courts must often decide what legislative limits to free speech are consistent with the Constitution, but the Constitution itself does not provide any definitive answer to this question. Judges must figure out this problem for themselves.

Image Credit: Concurring Opinions.
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“The Coasian Constitution”

That is the title of our most recent work-in-progress in which we suggest replacing judicial review with some form of “constitutional arbitration.” We will present our work during the Sixth Annual Constitutional Law Colloquium sponsored by the Loyola School of Law in Chicago. Our panel is scheduled for this Friday, Nov. 5th, at 1:15 pm in Room 1102 of Loyola (25 E Pearson Street). Feel free to see us speak if you are in Chicago. Below the fold is an outline of our presentation: Continue reading

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True or false?

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Television Markets in the Continental U.S.

https://i0.wp.com/i.imgur.com/ks7Mb0J.pngWhy not use this map of broadcast TV markets to create a new system of congressional voting districts and thus solve the gerrymandering problem in politics? Hat tip: elliotd303 (via reddit).

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The Economics of Internet Platforms

Question: What do all of these Internet platforms have in common? In the case of Uber, Alibaba, and Airbnb, these platforms create new markets by bringing together sellers and buyers … But what type of market is Facebook creating? (Hat tip: Tushar Goyal, via LinkedIn.)

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“Breaking Bad and the Natural Law Tradition”

Update (2 Feb. 2016): Our paper has a new title: “So Long Suckers: Bargaining and Betrayal in Breaking Bad.” We’ve posted a complete draft of our working paper on SSRN, and we’ve posted our new abstract here.

That is the tentative title of our work-in-progress in which we evaluate the fateful actions of meth-kingpin Walter White (alias Heisenberg) and DEA agent Hank Schrader–the two lead characters in the popular crime-drama “Breaking Bad“–from a natural law perspective. (We have written a series of papers over the years exploring the intersection between popular culture and law. See here, for example, if you are into vampires. Our “breaking bad” paper, which we expect to complete by early 2016, is our most recent contribution to this series.) In the meantime, here is the abstract of our “breaking bad” paper: Continue reading

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Trick or Treat? A Reverse Dutch Auction of Puerto Rico’s Public Debts

This is the most novel solution to Puerto Rico’s current debt crisis we’ve studied thus far, an idea attributed to Professor Arturo Estrella, an economist at the Rensselaer Polytechnic Institute in New York State. (We say “attributed to” because we can’t find his paper anywhere on the Internet.) In summary, Prof. Estrella proposes that the Federal Reserve use its emergency lending authority under Section 13 of the Federal Reserve Act–specifically, subsection 13(3)–in order to (i) issue emergency loans to Puerto Rico’s indebted public corporations and (ii) require these public entities to buy back some or all of their massive debts through a reverse Dutch auction with their bondholders … Continue reading

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¡Feliz Halloween!

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Jeb! may have called out the wrong senator last night

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thefacebook LLC vs. Facebook, Inc.

“It wasn’t about two kids in a dorm room anymore.” –Ben Mezrich, The Accidental Billionaires, Ch. 25. When an entrepreneur launches a new business, like Harvard sophomore Mark Zuckerberg did when he created “thefacebook” in the spring of 2004, he or she must also decide what type of legal entity to create, such as a sole proprietorship, a partnership (like Mark and Eduardo’s initial 70/30 partnership agreement), a limited liability company or LLC, or a private or public corporation. Why did Mark’s original business partner, fellow student Eduardo Saverin, register their new business (thefacebook) as an LLC in April 2004, and why did Facebook then incorporate as a Delaware corporation later that summer?

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