In 1937, Ronald Coase asked a profound question: if markets are so efficient at allocating resources, why are so many resources allocated within firms? Coase’s answer was that market allocation entailed transactions costs and, when these were very high, transactions will take place within firms.
It is common to hear Europe described today as the power of the past. Europe is perceived to be weak militarily. Its relative economic power is declining as Asia’s is rising. Its common currency may be on the verge of disintegrating.
International Women’s Human Rights: Paradigms, Paradoxes, and Possibilities, a Sawyer Seminar organized by the Center for the Study of Gender and Sexuality, addresses contradictions within the concept and practice of women’s human rights.
In November, the Supreme Court heard arguments in United States v. Jones, which will decide whether the Constitution allows police to put a tracking device on a car without either a warrant or the owner's permission.
Constitutions, it is conventionally believed, are institutions that define and limit the boundaries of government. Yet the formal constitution is an institution adopted by virtually every modern political regime, including many that would appear to have no interest in codifying any form of limitation on government power.
Ponzi schemes come in many sizes. The colossal fraud engineered by Bernard Madoff is an occasion to rethink the legal rules and remedies associated with such episodes. But then there are smaller Ponzi-like schemes, such as fraud in law school admissions, and the question of whether law does or should play any role.