Erman Hyperinflation 1 923 - a La\V and Economics Approach

Total Page:16

File Type:pdf, Size:1020Kb

Erman Hyperinflation 1 923 - a La\V and Economics Approach C;erman Hyperinflation 1 923 - A La\v and Economics Approach Index Bandwagon effect, 62, 63 Bank Charter Act of 1844,115 A Baranger, Michel, 51, 54, 55 Adams, John, 102 Barnard, Daniel, 104 African States, 34 Barriadas of Lima, 95 Ageo/Enlightenment, 44, 122 bartering, 122 Alx-en-Provence, 132 basic rights 0/ citizens, 25 Alionlo Popular Revolvtionaria Americana {APRA}, Bastiat, Frederic, 112 96 beha vioural disorders, 43, 121 Allied Powers, 21, 29, 30 behavioural psychology, 63 Amazon Lowlands, 95 Befle-epoque, 40 Americoll Economic Association, 106 Benjamin, Walter, 132 American Institutionalis t School, 49 Benvenisti, e, 33 American Revolution, 48 Berger, Sebastien, 100 Andes, 94,95 Berlin, 3, 72, 73, 78 Andes H;ghlonds, 95 Berlin Bourse, 83 Anglo-Russian Elltente (1907), 18 Bemholz, Peter, 104 Aquinas, Thomas, 45 Bieber, Horst, 95, 96 Archbishop a/Canterbury, 35 Bismarck, Otto von, 20, 72, 79 Archduke FroM Ferdinand, 15 black market, 96, 122 Architecture and DeSign a/Europe, 20 Blanchard, Olivier, 119 Arendt, Hanno~ 132 Bolshevik government, 29 Aristotle, 101 Bookrags, 30 armistice, 74 Bottigliero, I, 30 Article 109, German Constitution 0/ l1'h August 1919 Boyle, James, 109 [Reichsver/assungJ, 89 Braun, Grete, 131 Article 109, Section 1, German Constitution 0/11'" Bremer/lOven, 127 August 1919 [Reichsver/assungJ, 89 British Empire, 29 Article 153, German Constitution O/l1'h August 1919 Brownlie, 35 (Reichsver/assungJ, 88 Brownlie, I, 34 Article 2310/ the Treaty 0/ Versoil'/es 1919,30,33 Brussels, 131 arti/lcial intelligence, 52 Bryan, Michael F, 45, 48, 110 Associated Powers, 29 Bucharest, 92 Association far Social Policy, 48 business cycle, 111, 115, 117 Atohua/pa, 94 Atkeson, Andf'eli\l, 112 c Attwood, Thomas, 101 Aujwertungsgesetz vom 16, JuJi 1925, Annang, 84 Cantil/on, Richard, 111 Aujwertungsgesetz, Relchsgesetzblatt, Teil J, 1925, Capital Gains Tax, 6 88 Carroll, Charles Holt, 105 Au/wertungsgesetz, zweites Gesetz u.ber den Carthage, 30 va/ksentscheid, 90 Catherine the Great, 44, 122 Australian Labor Party, 2' Catholic Church, 45 Austrio-Hungory, 29 Caveat Emptor, 52 Austrian Sc/)aol 0/ economics, 103, 110, .123 Cavour, 20 Austrian theory o/the business cycle, 116 Central Bank, 8, 12 Autobohnen,.119 Central Powers, 115, 21, 29 Chong, I, 36 Chaos and Complexity, 54 B Chaos Theory, 55 Baden-Baden, 40, 127, 128, 129 chaotic system, 2, 51, 60, 66 Bainbridge, Lister, 53 Chinese Empire, 91 Baldeoux, Dieter, 92 Church of England, 35 195 German l--lyperinHation 1922/1923 - A b,',.\, and Economics Approach Cipolla, Carlo, 116 Duffy, M, 15 City Council LiJdenscheid, 127 Classless Society, 46 th E Coin Law (Miinzgesetz) of the 30 of August 1924 (RGBI, /I p. 254), 68, 84 Early Weimar Republic, 125 Colander, David C, 45, 46 Ebert, Friedrich, 2, 8, 24, 74, 75, 77, 78, 120 Collins, Joseph, 93 Economic and Social Enquete, 8,0 Colonialism and Imperialism, 19 Economic Consequences of the Peace (1919), 49 Communist Party of Peru, 95 economic we/I-being of Germons, 25 Compiegne/France, 5 Edward VII, 15 complex system, 2, 51, 52, 54 Eighty Years War, 17 complexity, 51 Einstein, Albert, 124 Complexity Economics, 54, 55, 62, 66, 120, 122,124 Eisenach, 48 camplexity SCience, 54 Ekklesio News Brief, 35 concentration camp, 12$, 131 Elbing, 127 Constitution of the German Empire from 28th of Ellis, J, 29 March 1849, 71, 72 Enabling Law of October 13,1923 (RGBlI943), 67 consumer affairs, 52 Engels, Friedrich, 46, 47, 48 Consumer behaviour, 53 English Historicists, 49 consumer sovereignty, 52 Entente, 30 conventional economics, 66 Entente Cordiole (1904), 18 conversion raM, 1, 83~ 122, 123 £ntscheidung des Reichsgerichts in Zivilsachen RGZ Copleston, Edward, 111 104,394,87 cost of the war, 5 EifurteT Program of the German Social Democratic cauncil movement, 79 Party (Sozialdemakratische Partei Deu.tschlands - Council af the Pea pie 's Represen tatives (Rot der SPD),3 Volksbeouftragten), 74, 75 Erzberger Tax Reform, 120 Council on Economic Affairs of the German Republic Erzberger, MatthiaS, 7, 8, 9, 10, 120 (Reichswirtscha/tsratj, 3 Erzberger's financial reform, 10 crowd behavior theory, 64 Euclidean line, 54 cuius religio eius reliqio, 17 Eum, 39 Cuno, Wilhelm (Chancel/or), 61 Eurape, 39 currency depreCiation, 81 European Community Countries, 39 Currency School, 1,04, 1.15 European Parliament, 98 Everett, Edward, 101 D Explanations of the computation method for the revaluation numbers in appendix 1 to the law, 83 Darwin, Charles, 19 Dos Kapital- Kritik der poMischen Okonomie (The F Capital) 1867, 47, 50 Dovies, Paul, 2, 51, 52 Fadiga, L, 4,0 Dawes Plan, 13, 30, 31, 33, 67 Ferguson, Niall, 21, 56, 60, 62, 66 Dawes, Charles, 31 Feuchtwanger, Lion, 132 de MillO's, 130 fiat money, 50, 111 de Soto, Jesus Huerta, 116 Fiji's Promotion of Reconciliotion Tolerance and deflation, 110 Unity Bill 20,05,121 Demburg,.9 Final Act of Vienno, 17 depreSSions, 112 Findley, C V, 29 demllqe economic calculation, 123 Fink, Werner, 128 Deutsche Mark (DM), 68 First ond Second Punic Wars, 3,0 Deutsches KOiserreich, 126 First World Papulation conference in 1974, 92 Deutsches Reich, 69; 71, 74 Fiscal Auth ority Act, 10 Dialectic of Spontaneity and Organisation, 76 Fischer, Robert, 3, 125 DoebJin, Alfred, 132 Fisher, Irving, 48, 109 doHor index, 83 Fogassi, L, 4,0 Dostoyevsky, 4 Foster, William, 102, 113, 119 Draft of a low about the revaluation of mortgages Fourteen Point Peace Plan, 24 and other cloims (Reic/lstag /II. Wah/periode fractol,54 1924/25, Nr. 8,04), 82, 83 France, 29, 91 Dreadllaught, 20 Fronco-Prussion War (1870-1871), 21, 30, 12,0 1% German IIypcrinflation 1922/1923 - A Law and Ikonomics Approach Franco-Russian Alliance (1894), 18 GofJIa, H P,. 94, 95 Frankenberg, G,37 gold core currency, 69 Fraser, David, 119 gold exchange standard, 109 Frederick The Great, 44, 122 gold reserve, 68 Free' Corps (Freikorps), 24, 75, 76 gold spede standard, 104 free market economy, 3, 47 gold standard currency, 68 Free Socialist Republic of Germany, 74 Goldmark, 83, 84 Freiheitsgesetz ('Liberty Law'), 32 Gono, Gideon (Dr), 98 French reparations in 1871, 6 Goods Turnover Tax, 6 French Vichy government, 132 Gorbachev, Michael, 42 Frenkel, Jacob, 98 Government of Zimbabwe, 100 Freud, Sigmund, 64 Great Depression, 3, 109, 110 Friedrich-Wililelm IV, 72 Greenspan, Alan, 54 full employment, 110 Gribel, Carl, 83 Fuller, Lon, 33 group dynamics phenomenon, 121 future consumption, 116 Grundpflichten,. 25 Grundrech te, 25 G Grzybowski, 81 Grzybowski, Kozimierz, 81 Galbraith, john Kenneth, 49, 53, 102 Guernsey, 33 GolJese, V, 40 Gurs camp, 132, 133 GarCia, Alan (President), 1, 96 Garibaldi, 20 H Garrison, Roger, 116 General Theory of Employment, Interest and Money, Hoose, H, 75 49, 69 Hanke, H.,. 91, 96, 98 George V, 15 Hasen, Walter, 132 German Army (Reichswehr), 76 Hazlitt, Henry, 11 0, 115 German Cen trol Rentenbank, 13 Hegel, Georg W F, 4 German Centry Party (Zentrum), 90 Heilmann, Ernst, 128, .129 German Communist Party (KPD), 62, 74 Hel!ferich, 5 German Constitution, 71, 75, 77, 78, 80, 88, 122 Hemes, l1 German Council (Reichsratj, 80 herd behaVior, 64 German Economjc Council, 79, 80 herding instinct,. 63 German Empire (Deutsc!les Kaiserreich), 29, 48, 72, Hermanns, Johannes, 94, 95 78, 79,127 Hers/lI!:y Jr, Robert D, 103 German Government (Reichsregierung), 3, 66, 68, 78, Hettloge, 9 80,90,122 Hilferding, Rudolf, 12 German High Command, 74 Hirschberg, Eliyah u, 81 German Historicol School, 49 History of Economic Thought, 45, 102 German hvperinflation, 2, 51, 60, 64, 65, 66, 119, Hitler Government, 71 122, 124 Hitler Youth,. 129 German Imperial Government, 61, 120 Hitler, Adolf, 26, 32,66,80,119:,130 German National Assembly, 3, 78, 80 Holocaust, 34, 121 German National Assembly in the Frankfurt Holtfrerich, Carl-Ludwig, 62, 65, 69 Paulskirche 1848, 71, 72 Holy Roman Empire, 17 German Parliament (Deutscher Reichstag), 66, 72, homo economiCU5, 52 74,77,80,88,122 Honig, F, 34 German Railways, 41 Hugenberg, Alfred, 32 German Republic (Deutsches Reicll), 1, 3, 72, 78, 120, Hume, Dovid, 48 126 Humpllrey, Thomas, 49,. 110 German Reserve Bank {Reichsbankj, 68 hyperinflation, 2, 11, 27, 39, 52, 55, 56, 69, 77,96, German Revolution, 75, 76 98, 114, 119, 124 German Social Democratic Party, 2, 80 hyperinflation, definitiOn, 51 German Supreme Court (Reichsgericht), 80, 88 German Supreme Court, Judgement of 4'" November I 1925,88,89 German Workers Council, 79 ideo I Money, 105 Gestapo, 129 Ideological causes, 19 Goebbels, Joseph, 130 Imperial Chancellor, 74 197 German Hyperinflatioll 1922/1923 - A Law and Economics Approach Inca Empire, 94 Landreth, Harry,. 45, 46 Incas, 94, 95 Lar,emont,. R R, 36 Independent Treasury Ac" 105 Latin America, 93 industrial retrogression, 1 Law about the referendum 27th of June 1924, 90 inflation, 49, 56, 81, 102, 103, 109, 110, 123 Law about the Revaluation of Mortgages and other inflation tax, 2 Claims, 80, 84, 88, 89 inflationary process, 56, 60, 62, 122 iowofdemand,52 inherent randomness, 55 Lawson, Robert, 53 Institutional anomalies, 27 League 01 Nations, 15,28,121 Institutionalised inflation, 103, 114, 115 Leaphart, J V, 34 International Commission of Jurists, 33 Leher, .Emst, 128, 129 Intemationol Monetary Fund (IMF), 96, 123 Leibniz,Gottfried Wilhelm, 4 Inti,96 Le.ljonl:wjvud, Axel, 109 intrinsically evolutionary systems, 55 Lenin, 20, 49 Iran, 33 Les Milles camp, 132 Iraq, 33 Uberty Law, 32 Island of Rugen, 69 Ue.bknecht, Karl, 74, 75, 76 Israel,34 Lima, 94,95 Italy, 29 living standard price index, 82 Lloyd George, David, 21 London Ultimatum, 7,
Recommended publications
  • Contract Theory and the Limits of Contract Law
    Columbia Law School Scholarship Archive Faculty Scholarship Faculty Publications 2003 Contract Theory and the Limits of Contract Law Alan Schwartz Robert E. Scott Columbia Law School, [email protected] Follow this and additional works at: https://scholarship.law.columbia.edu/faculty_scholarship Part of the Contracts Commons Recommended Citation Alan Schwartz & Robert E. Scott, Contract Theory and the Limits of Contract Law, 113 YALE L. J. 541 (2003). Available at: https://scholarship.law.columbia.edu/faculty_scholarship/339 This Article is brought to you for free and open access by the Faculty Publications at Scholarship Archive. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of Scholarship Archive. For more information, please contact [email protected]. Article Contract Theory and the Limits of Contract Law Alan Schwartz* and Robert E. Scottt* CONTENTS I. IN TROD U CTION ................................................................................. 543 II. JUSTIFYING AN EFFICIENCY THEORY OF CONTRACT ........................ 550 A . W hat Firms M axim ize .................................................................. 550 B. Why the State Should Help Firms ................................................ 555 III. THE ENFORCEMENT FUNCTION ........................................................ 556 A. Enforcement Often Is Unnecessary.............................................. 557 B. EncouragingRelation-Specific Investment .................................. 559 C.
    [Show full text]
  • 4000 Contract Law: General Theories
    4000 CONTRACT LAW: GENERAL THEORIES Richard Craswell Professor of Law, Stanford Law School © Copyright 1999 Richard Craswell Abstract When contracts are incomplete, the law must rely on default rules to resolve any issues that have not been explicitly addressed by the parties. Some default rules (called ‘majoritarian’ or ‘market-mimicking’) are designed to be left in place by most parties, and thus are chosen to reflect an efficient allocation of rights and duties. Others (called ‘information-forcing’ or ‘penalty’ default rules) are designed not to be left in place, but rather to encourage the parties themselves to explicitly provide some other resolution; these rules thus aim to encourage an efficient contracting process. This chapter describes the issues raised by such rules, including their application to heterogeneous markets and to separating and pooling equilibria; it also briefly discusses some non- economic theories of default rules. Finally, this chapter also discusses economic and non-economic theories about the general question of why contracts should be enforced at all. JEL classification: K12 Keywords: Contracts, Incomplete Contracts, Default Rules 1. Introduction This chapter describes research bearing on the general aspects of contract law. Most research in law and economics does not explicitly address these general aspects, but instead proceeds directly to analyze particular rules of contract law, such as the remedies for breach. That body of research is described below in Chapters 4100 through 4800. There is, however, some scholarship on the general nature of contract law’s ‘default rules’, or the rules that define the parties’ obligations in the absence of any explicit agreement to the contrary.
    [Show full text]
  • Positivism and the Separation of Law and Economics
    Columbia Law School Scholarship Archive Faculty Scholarship Faculty Publications 1996 Positivism and the Separation of Law and Economics Avery W. Katz Columbia Law School, [email protected] Follow this and additional works at: https://scholarship.law.columbia.edu/faculty_scholarship Part of the Business Organizations Law Commons, and the Law and Economics Commons Recommended Citation Avery W. Katz, Positivism and the Separation of Law and Economics, 94 MICH. L. REV. 2229 (1996). Available at: https://scholarship.law.columbia.edu/faculty_scholarship/610 This Essay is brought to you for free and open access by the Faculty Publications at Scholarship Archive. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of Scholarship Archive. For more information, please contact [email protected]. POSITIVISM AND THE SEPARATION OF LAW AND ECONOMICS Avery Wiener Katz* INTRODUCION The modem field of law and economics - that is, the application of economic analysis to legal subjects other than trade and business reg- ulation - is now over thirty years old, but it remains controversial in the legal academy and, to a lesser extent, in the profession at large. Since its beginnings in the early 1960s, the economic approach has pro- voked substantial opposition and antagonism. The sources of this resis- tance, however, are a matter of dispute. Many economists and economi- cally influenced lawyers attribute it to more traditional lawyers' reluctance to learn a new and unfamiliar set of concepts and techniques. Critics of the economic approach offer a variety of other explanations. Some are skeptical of the utility of abstract theoretical modeling in the social sciences,' others object to economics' central behavioral assump- tion of rational choice,2 still others criticize economics' supposed liber- tarian politics and ideological allegiance to laissez-faire.
    [Show full text]
  • Law and Political Economy in a Time of Accelerating Crises
    Angela P. Harris, School of Law, UC Davis James J. (“Jay”) Varellas III, Department of Political Science, UC Berkeley* Introduction: Law and Political Economy in a Time of Accelerating Crises Abstract In this time of accelerating crises nationally and worldwide, conventional understandings of the relationships among state, market, and society and their regulation through law are inadequate. In this Editors’ Introduction to Volume 1, Issue 1 of the Journal of Law and Political Economy, we reflect on our current historical moment, identify genealogies of the Law and Political Economy (LPE) project, articulate some of the intellectual foundations of the work, and finally discuss the journal’s institutional history and context. Keywords: Law and Political Economy I. Introduction Ernest Hemingway’s 1926 novel The Sun Also Rises contains this famous exchange: “How did you go bankrupt?” Bill asked. “Two ways,” Mike said. “Gradually and then suddenly.” In the United States and around the world, we are facing intertwined crises: skyrocketing economic inequality, an increasingly destabilizing and extractive system of global finance, dramatic shifts in the character of work and economic production, a crisis of social reproduction, the ongoing disregard of Black and brown lives, the rise of new authoritarianisms, a global pandemic, and, of course, looming above all, the existential threat of global climate change. From the vantage point of mid-2020, it is impossible to avoid the sense that these crises, like Mike’s bankruptcy, have emerged both suddenly and as the result of problems long in the making. It is also clear that these interlocking crises are accelerating as they collide with societies whose capacities to respond have been hollowed out by decades of neoliberalism.
    [Show full text]
  • 1 FTC Perspectives on the Use of Econometric Analyses in Antitrust
    FTC Perspectives on the Use of Econometric Analyses in Antitrust Cases∗ David Scheffman and Mary Coleman1 I. Introduction This paper discusses our perspectives, as FTC economists and experienced litigation economists, on how to make econometric analyses more useful in antitrust investigations and litigation. We first briefly discuss the role of econometrics and empirical analyses generally in antitrust. Sound empirical analyses can (and should) provide important evidence in an antitrust investigation or litigation. Based on our experience at the FTC and as litigation economists, we then suggest “best practices” for developing econometric studies that will be useful to the FTC in its decision making. We also provide some examples of the types of useful econometric analyses that are frequently conducted in FTC investigations. Finally, expanding on some the issues raised in the recent FTC working paper,2 we discuss the use of scanner data for demand estimation, the use of merger simulation models, and the use of manufacturer level data in consumer products cases. A. Quantitative Analyses, Generally Before discussing econometric analyses, we begin with a more general perspective on quantitative analyses. Some of the most important issues in antitrust cases often hinge on quantitative evidence (e.g., levels and trends in prices, market shares, sales, margins, profitability, and shipment patterns). These types of quantitative analyses are often very important and frequently do not involve statistical/econometric analyses. We begin with this basic point because although there has been much attention in recent years to the use of formal modeling and econometric estimation in antitrust, we should not lose sight of the fact that quantitative analyses of various kinds are useful.
    [Show full text]
  • Labor Law, Antitrust Law, and Economics Professors' Comment
    Boston College Law School Digital Commons @ Boston College Law School Boston College Law School Faculty Papers 1-14-2019 Labor Law, Antitrust Law, and Economics Professors' Comment on the National Labor Relations Board's Proposed Joint-Employer Rule Hiba Hafiz Boston College Law School, [email protected] Brishen Rogers Temple University Beasley School of Law, [email protected] Kenneth G. Dau-Schmidt Indiana University Maurer School of Law, [email protected] Kate Bronfenbrenner Cornell University, [email protected] Follow this and additional works at: https://lawdigitalcommons.bc.edu/lsfp Part of the Antitrust and Trade Regulation Commons, and the Labor and Employment Law Commons Recommended Citation Hiba Hafiz, Brishen Rogers, Kenneth G. Dau-Schmidt, and Kate Bronfenbrenner. "Labor Law, Antitrust Law, and Economics Professors' Comment on the National Labor Relations Board's Proposed Joint-Employer Rule." (2019). This Article is brought to you for free and open access by Digital Commons @ Boston College Law School. It has been accepted for inclusion in Boston College Law School Faculty Papers by an authorized administrator of Digital Commons @ Boston College Law School. For more information, please contact [email protected]. Labor Law, Antitrust Law, and Economics Professors’ Comment on the National Labor Relations Board’s Proposed Joint-Employer Rule January 14, 2019 Submitted via www.regulations.gov John F. Ring, Chairman National Labor Relations Board 1015 Half Street, SE Washington, D.C. 20570-0001 Attn: Roxanne Rothschild,
    [Show full text]
  • Law-And-Political-Economy Framework: Beyond the Twentieth-Century Synthesis Abstract
    JEDEDIAH BRITTON- PURDY, DAVID SINGH GREWAL, AMY KAPCZYNSKI & K. SABEEL RAHMAN Building a Law-and-Political-Economy Framework: Beyond the Twentieth-Century Synthesis abstract. We live in a time of interrelated crises. Economic inequality and precarity, and crises of democracy, climate change, and more raise significant challenges for legal scholarship and thought. “Neoliberal” premises undergird many fields of law and have helped authorize policies and practices that reaffirm the inequities of the current era. In particular, market efficiency, neu- trality, and formal equality have rendered key kinds of power invisible, and generated a skepticism of democratic politics. The result of these presumptions is what we call the “Twentieth-Century Synthesis”: a pervasive view of law that encases “the market” from claims of justice and conceals it from analyses of power. This Feature offers a framework for identifying and critiquing the Twentieth-Century Syn- thesis. This is also a framework for a new “law-and-political-economy approach” to legal scholar- ship. We hope to help amplify and catalyze scholarship and pedagogy that place themes of power, equality, and democracy at the center of legal scholarship. authors. The authors are, respectively, William S. Beinecke Professor of Law at Columbia Law School; Professor of Law at Berkeley Law School; Professor of Law at Yale Law School; and Associate Professor of Law at Brooklyn Law School and President, Demos. They are cofounders of the Law & Political Economy Project. The authors thank Anne Alstott, Jack Balkin, Jessica Bulman- Pozen, Corinne Blalock, Angela Harris, Luke Herrine, Doug Kysar, Zach Liscow, Daniel Markovits, Bill Novak, Frank Pasquale, Robert Post, David Pozen, Aziz Rana, Kate Redburn, Reva Siegel, Talha Syed, John Witt, and the participants of the January 2019 Law and Political Economy Work- shop at Yale Law School for their comments on drafts at many stages of the project.
    [Show full text]
  • The Law and Microeconomics of the New Deal at 70 Steven A
    Loyola University Chicago, School of Law LAW eCommons Faculty Publications & Other Works 2003 The Law and Microeconomics of the New Deal at 70 Steven A. Ramirez Loyola University Chicago, School of Law, [email protected] Follow this and additional works at: http://lawecommons.luc.edu/facpubs Part of the Law and Economics Commons Recommended Citation Ramirez, Steven, The Law and Microeconomics of the New Deal at 70, 62 Md. L. Rev. 515 (2003). This Article is brought to you for free and open access by LAW eCommons. It has been accepted for inclusion in Faculty Publications & Other Works by an authorized administrator of LAW eCommons. For more information, please contact [email protected]. THE LAW AND MACROECONOMICS OF THE NEW DEAL AT 70 STEVEN A. RmiREz* Recent turbulence in the financial markets, first as a result of Sep- tember 11, 2001, and then as a result of the realization in the summer of 2002 that corporate America was plagued by pervasive corruption, once again has shown that capitalism needs government intervention to thrive.' The crisis in investor confidence in the summer of 2002 in particular refocused attention on the seventy-year-old regulatory infra- structure imposed upon the economy as part of the New Deal.2 In both instances, the federal government jumped to the rescue of so- called free markets that seemed to be spinning into the abyss of seri- ous adverse macroeconomic dysfunction.3 It wasn't always so. * Professor, Washburn University School of Law. Professor Bill Rich and Professor Alex Glashausser contributed many helpful insights to this Article.
    [Show full text]
  • Economic Analysis of Contract Law After Three Decades: Success Or Failure? Eric A
    University of Chicago Law School Chicago Unbound Coase-Sandor Working Paper Series in Law and Coase-Sandor Institute for Law and Economics Economics 2002 Economic Analysis of Contract Law after Three Decades: Success or Failure? Eric A. Posner Follow this and additional works at: https://chicagounbound.uchicago.edu/law_and_economics Part of the Law Commons Recommended Citation Eric Posner, "Economic Analysis of Contract Law after Three Decades: Success or Failure?" (John M. Olin Program in Law and Economics Working Paper No. 146, 2002). This Working Paper is brought to you for free and open access by the Coase-Sandor Institute for Law and Economics at Chicago Unbound. It has been accepted for inclusion in Coase-Sandor Working Paper Series in Law and Economics by an authorized administrator of Chicago Unbound. For more information, please contact [email protected]. CHICAGO JOHN M. OLIN LAW & ECONOMICS WORKING PAPER NO. 146 (2D SERIES) Economic Analysis of Contract Law after Three Decades: Success or Failure? Eric A. Posner THE LAW SCHOOL THE UNIVERSITY OF CHICAGO This paper can be downloaded without charge at: The Chicago Working Paper Series Index: http://www.law.uchicago.edu/Lawecon/index.html The Social Science Research Network Electronic Paper Collection: http://ssrn.com/abstract_id=304977 Economic Analysis of Contract Law After Three Decades: Success or Failure? Eric A. Posner1 Abstract: Law and economics has failed to produce plausible descriptive theories of contract doctrines. This paper documents these failures and suggests that they are due to a methodological problem involving the concept of transaction costs. If transaction costs refer to writing or information costs, then rational individuals would agree to complex contracts that are not in fact observed, and contract law would, for the most part, have no other function than that of specifically enforcing contracts.
    [Show full text]
  • Economic Evidence and Econometrics in Competition Law
    Economic evidence and econometrics in competition law UNCTAD Research Partnership Platform Geneva 7 July 2013 Dr. Ioannis Lianos Faculty of laws University College London The views expressed are those of the authors and do not necessarily reflect the views of UNCTAD Structure • The emergence of a “regulatory science” of economics • Points of access of economic evidence • Assessment of economic evidence 2 Use of econometrics in EU competition law 16 demand analysis 14 12 other techniques 10 statistical tests 8 Linear (demand 6 analysis) 4 Linear (other 2 techniques) Linear (statistical tests) 0 2004 2005 2006 2007 2008 2009 2010 2011 3 Evolution of use of quantitative techniques Figure 1: Evolution of Use of Quantitative Techniques (2004-2011) statistical tests 100% other techniques 80% demand analysis 60% 40% 20% 0% 2004 2005 2006 2007 2008 2009 2010 2011 4 Percentage Purpose of Use of Quantitative Techniques Figure 2: Percentage Purpose of Use of Quantitative 60 52 Techniques 40 20 17 1 22 0 8 efficiencies' market assessment market structure definition non-price behaviour pricing behaviour 5 Percentage of use of quantitative techniques 30 25 Figure 3: Percentage Use of Quantitative Techniques 20 15 10 15 5 0 SSNIP test 2 6 bidding studies 9 (by type) critical loss analysis demand system fo... 11 12 diversion ratio hedonic price anal... 28 industry-specific... 11 market share dete... 21 mathematical formula price correlation price determinants... 22 production determ... residual demand a... 6 • MERGERS – Market Definition – Anticompetitive
    [Show full text]
  • The Visible Map and the Hidden Structure of Economics1 Angela Ambrosino*, Mario Cedrini*, John B. Davis**, Stefano Fiori*, Marco
    The Visible Map and the Hidden Structure of Economics1 Angela Ambrosino*, Mario Cedrini*, John B. Davis**, Stefano Fiori*, Marco Guerzoni*,*** and Massimiliano Nuccio* * Dipartimento di Economia e Statistica “Cognetti de Martiis”, Università di Torino, Italy ** Marquette University and University of Amsterdam *** ICRIOS, Bocconi University, Milan Abstract The paper is a first, preliminary attempt to illustrate the potentialities of topic modeling as information retrieval system helping to reduce problems of overload information in the sciences, and economics in particular. Noting that some motives for the use of automated tools as information retrieval systems in economics have to do with the changing structure of the discipline itself, we argue that the standard classification system in economics developed over a hundred years ago by the American Economics Association, the Journal of Economic Literature (JEL) codes, can easily assist in detecting the major faults of unsupervised techniques and possibly provide suggestions about how to correct them. With this aim in mind, we apply to the corpus of (some 1500) “exemplary” documents for each classification of the Journal of Economics Literature Codes indicated by the American Economics Association in the “JEL codes guide” (https://www.aeaweb.org/jel/guide/jel.php) the topic-modeling technique known as Latent Dirichlet Allocation (LDA), which serves to discover the hidden (latent) thematic structure in large archives of documents, by detecting probabilistic regularities, that is trends in language text and recurring themes in the form of co-occurring words. The ambition is to propose and interpret measures of (dis)similarity between JEL codes and the LDA topics resulting from the analysis.
    [Show full text]
  • The Complexity Economics Revolution
    The Complexity Economics Revolution J. Doyne Farmer Baillie Gifford Professor, Mathematical Institute, University of Oxford Director of Complexity Economics, Institute for New Economic Thinking at the Oxford Martin School External Professor, Santa Fe Institute Acknowledgements: I would like to thank Shanny Peer, Vince Bielski, Edward Kastenmeier and Andrew Weber for help editing, and Penny Mealy, Sander Bais, Karen Lawrence, Steve Lawton, Robb Lentz, Fotini Markopoulou and Elizabeth Rozeboom for valuable comments. This book is dedicated to my mentor, Thomas Edward Ingerson (1938 – 2019).1 INTRODUCTION ................................................................................................................... 3 Part I: WHAT IS COMPLEXITY ECONOMICS? 1 MAKING RANDOMNESS PREDICTABLE 1.1 Can we make better economic predictions? 1.2 Roulette: Random number generator or predictable physical system? 1.3 Why does the economy change? 1.4 Making chaos predictable 1.5 Is the economy chaotic? 2 THE ECONOMY IS A COMPLEX SYSTEM 2.1 What is a complex system? 2.2 Why is the economy a complex system? 2.3 How ideas from biology help us understand the economy 2.4 Economics = accounting + behavior 3 MAKING PREDICTIONS WITH NETWORKS OF SPECIALISTS 3.1 The ecology of production networks 3.2 The ecology of the economy predicts long term growth 3.3 Understanding the ecology of jobs to predict occupational unemployment 4 HOW SIMULATION HELPS US UNDERSTAND THE ECONOMY 4.1 What is a simulation? 4.2 Emergent phenomena are nonlinear 4.3 A housing bubble from the bottom-up 1 The Everyday Practice of Physics in Silver City, New Mexico. Appeared in Curious Minds: How a Child Becomes a Scientist, edited by John Brockman, 2004.
    [Show full text]