This paper is concerned with those actions of business firms which have harmful effects on others. The standard example is that of a factory the smoke from which has harmful effects on those occupying neighboring properties. The economic analysis of…
Economic Law
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T HE new institutional economics is preoccupied with the origins, inci- dence, and ramifications of transaction costs. Indeed, if transaction costs are negligible, the organization of economic activity is irrelevant, since any advantages one mode of…
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The article presents a discussion on the role of credible commitments in strengthening alliances and exchange. The author examines the significance of commitments and threats for investments. It is stated that while commitments support exchange,…
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This article presents information about new institutional economics. The neoclassical economics was dismissive of institutions, and that much of organization theory lacked scientific ambitions which have also been contributing factors. The new…
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More then just a textbook, A Theory of Incentives in Procurement and Regulation will guide economists' research on regulation for years to come. It makes a difficult and large literature of the new regulatory economics accessible to the average…
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Key Cases has been specifically written for students studying law. It is the essential revision tool to be used on its own or with the partner Key Facts title in order to ensure a thorough knowledge of core cases for any given law topic.…
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This paper discusses problems in economic analysis of law arising from the increased specialization of academic practitioners of this subfield of economics, which takes as its subject a uniquely fluid, contestable, and inveterately normative…
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The expansion of Canadian extractive corporations' overseas business operations has led to serious concerns regarding human rights-related impacts. As these apprehensions grow, we see a countervailing rise in calls for government intervention and in…
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The dynamic capabilities framework analyzes the sources and methods of wealth creation and capture by private enterprise firms operating in environments of rapid technological change. The competitive advantage of firms is seen as resting on…
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A buyer with private information regarding marginal valuation bargains with a seller to determine price and quantity of trade. Depending on parameter values, a high-valuation buyer wants either to reveal information to create value or to conceal it…
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As the study of entrepreneurship and the study of business ethics become increasingly established, the intersection of entrepreneurship and ethics is receiving increasing scholarly attention. In this paper, we review the research connecting ethics…
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This paper integrates elements from the theory of agency, the theory of property rights and the theory of finance to develop a theory of the ownership structure of the firm. We define the concept of agency costs, show its relationship to the…
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Contents: Volume I Acknowledgements Introduction Jonathan Macey PART I THE FOUNDATIONS OF THE ECONOMICS OF CORPORATE LAW 1. R.H. Coase (1937), The Nature of the Firm 2. Michael C. Jensen and William H. Meckling (1976), Theory of the Firm: Managerial…
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Cooperation in organisms, whether bacteria or primates, has been a difficulty for evolutionary theory since Darwin. On the assumption that interactions between pairs of individuals occur on a probabilistic basis, a model is developed based on the…
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The Problems of Philosophy is a key philosophical work written by author and philosopher Bertrand Russell. Russell, one of the most prolific philosophical writers in history, wrote this title in his attempt at popularizing philosophy for the masses,…
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Inheriting the mantle of revolutionary biologist from Darwin, Watson, and Crick, Richard Dawkins forced an enormous change in the way we see ourselves and the world with the publication of The Selfish Gene. Suppose, instead of thinking about…
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I. Introduction, 488.-II. The model with automobiles as an example, 489.-III. Examples and applications, 492.-IV. Counteracting institutions, 499.-V. Conclusion, 500.
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When I hear businessmen speak eloquently about the social responsibilities of business in a free-enterprise system , I am reminded of the wonderful line about the Frenchman who discovered at the age of 70 that he had been speaking prose all his…
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Continuing his groundbreaking analysis of economic structures, Douglass North develops an analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies, both at a given time and over…
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We have previously shown that repeated dosing of glucagon-like peptide-2 (GLP-2) at 10 p.m. in postmenopausal women for 14 days results in a dose-dependent decrease in the nocturnal bone resorption, as assessed by s-CTX. In contrast, bone formation,…
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