Nicholas Mercuro

Posnerian Law and Economics on the Bench

Richard A. Posner has been one of the most productive and influential scholars working in the field of law and economics. Indeed the prolific and wide-ranging nature of his writings, the vigour with which he has advanced his particular approach and its supporting arguments, together with the absorbing quality of that approach, have in combination resulted in his having set the agenda for much of the scholarship — research and arguments — during the last decade.’In fact much of the work in the field of law and economics represents footnotes to and arguments over his approach and its many applications.

Neutrality : changing concepts and practices

In a tension-filled world characterized by opposing blocs of nations, the pursuit of the policy of neutrality by a few states such as Switzerland, Sweden, Finland and Austria may conjure up the vista of a peaceful oasis. But what is the actual meaning of neutrality at present, and what are the rights and obligations of governments that claim to be neutral? Are there differences in the concepts of neutrality as embraced by individual states? Have the legal concepts of neutrality been changing over time and especially during the last few decades? And can and do states adopt neutral stances on selected international issues while remaining partisan on others and what consequences flow from such foreign policy behavior? These and other questions regarding neutrality are examined and discussed in this volume co-published with the Institute for Comparative Study of Public Policy at the University of New Orleans.

Alternative institutional structures: Evolution and impact

Communities across the globe increasingly confront environmental and natural resource management decisions that require expenditures to protect and conserve ecosystems. These decisions typically require consideration of bio-physical, political, economic, and other factors. Institutional economic thinking and analysis provide a framework for assessing and understanding the relative benefits of alternative institutions for managing environmental and natural resources. Using an institutional economic analysis, this chapter provides an evaluation of two alternative policy instruments - a local payment for environmental services scheme and a national watershed conservation tax - for protecting drinking water in eastern Costa Rica.1. Introduction, 2. Simplicity in Institutional Design, Nathan Berg, 3. Institutional Economics as Volitional Pragmatism, Daniel Bromley, 4. The Essence of Economics, Neil K. Komesar, 5. Is Law Facilitating or Taxing Transactions?, Claude Menard, 6. Institutional Analysis, Elinor Ostrom, 7. Some Problems in Assessing the Evolution and Impact of Institutions, Warren Samuels, 8. Power and the Troublesome Economist, Allan Schmid, 9. Institutions and Rationality, Arild Vatn, 10. Towards a Theory of Induced Institutional Change, Morris Altman, 11. Does Economic Development require Certain Property Rights?, Peter Boettke and Robert Subrick, 12. The Role of Culture and Social Norms in Theories of Institutional Change, Julie Hogeland, 13. Attitudes Matter, Ute-Maria Niederle, 14. Institutional Individualism and Institutional Change, Fernando Toboso, 15. Post-Keynesian Institutionalism and the Anxious Society, Charles Whalen, 16. The Instituted Nature of Market Information, 17. A Dialogue on Institutions, Nicholas Mercuro

The Role of the Compensation Principle in Society

The compensation problem is explored in light of radical indeterminacy, selective perception, and the nature and operation of the legal system. The compensation principle is shown to be functional as psychic balm and legitimation of the institution of property and the basic organization of society, and not the protection of particular property rights, except selectively. Conventional legal and economic treatment of compensation issues—for example, the conflicting, conclusionary and tautological taking issue—thus is shown not to reach the fundamentals of the system of property, the legal system, and the roles thereof in society.

Wealth maximization and judicial decision-making: The issues further clarified

We welcome Richard Posner’s response1 to our article,2 which surveyed and interpreted his first 120 appelate opinions. His response has helped clarify the issues between him and those who find that the wealth maximizing criterion is not precisely what he thinks it is; that is, that the content of judicial decision involves something quite different from what he thinks it does — even though he now sits on the bench and we are laymen.

The Takings Issue: A Continuing Dilemma in Law and Economics

Taken together, these two questions constitute the takings issue, an issue that has been raised with respect to the development of land-use regulations in the United States for more than 100 years. It is an issue that continues to attract the attention of legal scholars and economists.

Contributions to Law and Economics: A Survey of Recent Books

The interaction between law and economics has become an important specialty of the economics discipline. This article reviews several of the important books in this field and the schools of thought they embody. The review provides a useful guide for personal reading in this specialty as well as for course needs.

A dialogue on institutions: Various approaches to assessing the evolution and impact of alternative institutional structures

Communities across the globe increasingly confront environmental and natural resource management decisions that require expenditures to protect and conserve ecosystems. These decisions typically require consideration of bio-physical, political, economic, and other factors. Institutional economic thinking and analysis provide a framework for assessing and understanding the relative benefits of alternative institutions for managing environmental and natural resources. Using an institutional economic analysis, this chapter provides an evaluation of two alternative policy instruments - a local payment for environmental services scheme and a national watershed conservation tax - for protecting drinking water in eastern Costa Rica.1. Introduction, 2. Simplicity in Institutional Design, Nathan Berg, 3. Institutional Economics as Volitional Pragmatism, Daniel Bromley, 4. The Essence of Economics, Neil K. Komesar, 5. Is Law Facilitating or Taxing Transactions?, Claude Menard, 6. Institutional Analysis, Elinor Ostrom, 7. Some Problems in Assessing the Evolution and Impact of Institutions, Warren Samuels, 8. Power and the Troublesome Economist, Allan Schmid, 9. Institutions and Rationality, Arild Vatn, 10. Towards a Theory of Induced Institutional Change, Morris Altman, 11. Does Economic Development require Certain Property Rights?, Peter Boettke and Robert Subrick, 12. The Role of Culture and Social Norms in Theories of Institutional Change, Julie Hogeland, 13. Attitudes Matter, Ute-Maria Niederle, 14. Institutional Individualism and Institutional Change, Fernando Toboso, 15. Post-Keynesian Institutionalism and the Anxious Society, Charles Whalen, 16. The Instituted Nature of Market Information, 17. A Dialogue on Institutions, Nicholas Mercuro

Interdisciplinary paradigms for environmental policy - interrelations among ecology, law, and economics.

1. The Intersection Of Law, Economics, and Environmental Policy M.D. Kaplowitz 2. Legal Economic Perspectives: Property rights and economics for helping address environmental problems A. Randall 3. Regulatory Takings and Land Use Conflicts D.W. Bromley 4. How Perspectives On Property Rights Have Changed In The United States Supreme Court D.L. Callies Common Property and Natural Resources 5. Property Rights, The Commons, and Natural Resource Management B.J. McCay 6. Common Property And Natural Resource Management: A Michigan Perspective M.A. Lawrence 7. Property Rights, Tenure Systems and Managing Natural Capital R.A. Devlin 8. Purchasing Development Rights To Protect Farmland, Forests, and Open Space T. Daniels 9. Transferable Development Rights: A market-based land use control P. Machemer and M.D. Kaplowitz 10. Tradable Permit Approaches To Pollution Control: Faustian bargain or paradise regained T. Tietenberg 11. Coase And Car Repair: Who should be responsible for emissions of vehicles in use? W. Harrington and V.D. McConnnell New Approaches 12. Ethics and Tradable Permits: Pollution trading and the global atmosphere M. Sagoff 13. Shared Governance, Collaboration, and Innovation L.L. Marsh 14. Interdisciplinary Paradigms For Environmental Policy: Interrelations among ecology, law, and economics N. Mercuro