Economic Analysis and Law: The Economics of the Courtroom, 1st Edition (Paperback) book cover

Economic Analysis and Law

The Economics of the Courtroom, 1st Edition

By Christopher E.S. Warburton

Routledge

488 pages | 70 B/W Illus.

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pub: 2020-06-19
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Description

A comprehensive presentation of the use of economics in judicial decisions, the book is structured to provide all of the foundational concepts that are important for the application of economics to the development and interpretation of statutes that emanate from economic conditions.

The diversity of the economic field defines the scope of the book and its relevance to the study of law and rule adjudication. Beyond the positive dimensions of law and economics, the book evaluates the normative aspects of law and economics when laws are imprecise, and markets are inefficient. The ethical scope of transactions and rule adjudication are further considered in the context of professional ethics and the rationale for ethical considerations in the practice of law and economics. It presents a unique analysis of law, finance, and economics, by taking a look at the intricate quantitative requirements that are essential for scientific knowledge in the courtroom and the international dimensions of the practice of law and economics beyond municipal frontiers. It alerts entrepreneurs to risk exposures in the global economy and provides foundational information for readers who are also interested in international law and economics, and the essence and interpretations of international conventions appertaining to money, expropriation, the environment, and investments in international financial markets.

This book is a useful reference for both undergraduate and graduate students who are interested in law and economics, forensic economics, corporate white-collar crime, and legal studies. It is also valuable for certificate programs for paralegals who wish to have a basic understanding of economic and financial concepts.

Table of Contents

Contents

List of Tables and Figures

Introduction

 

1 Microeconomic foundation

 

Microeconomic foundation

 

Normative v. positive law and economics

 

Economic models and markets

 

Market transactions and consumer class action litigation

 

Economic and judicial interpretations of consumer responsiveness to price changes

 

US Labor market and the Civil Rights Act of 1964

 

US labor law and economics of discrimination

 

Production cost and consumer welfare

 

2 Macroeconomics in forensic economics

 

Aggregate economic performance (the business cycle)

 

Forensic implications of [international] unemployment

 

Nominal and real interest rates

 

The inflation factor

 

Interest rates and inflation in courts of law

 

Open macroeconomics and exchange rate law

 

3 Corporate financial analysis and investment law

 

The interface of corporate finance and real economic performance

Laws of the Security and Exchange Commission

 

Financial statements

 

The Income Statement

 

The Balance Sheet

 

The statement of cash flow

 

Financial statements and securities regulation

 

Applications of SEC law

 

Securities trade and extraterritorial jurisdiction

 

The principal-agent problem

 

A case of abusive managerial discretion ? Dodge v. Ford Motor Company (204 Mich.

459 170 N.W. 668 (1919))

 

Managerial economics in Dodge v. Ford

 

Normative economics in Dodge v. Ford

 

The principal-agent struggle for control of public corporations

 

4 Innovation and expropriation of creative rights

 

Innovation and human rights

 

Ethical lapses and costs of IP expropriation

 

The economic consequences of innovation

 

Intellectual property law

 

5 Econometrics for the courtroom

 

Federal Rules of evidence and scientific requirements (the Daubert Standard)

 

The structure of data

 

Sampling strategies

 

Forecasting economic value

 

Ordinary least squares (OLS)

 

Time value of money

 

Litigating the discount rate

 

Annuities and amortization

 

The net present value of money

 

Putting it all together: The Mooresville Honda case and worklife expectancy

 

Chi square analysis

 

The Intrinsic Value of Public Companies

 

6 Tax avoidance and evasion

 

Types of taxpayers

 

The economics and laws of taxation

 

The US tax gap

 

Theories of tax avoidance and evasion

 

The tax court system of the US

 

Tax flight and the Foreign Account Tax Compliance Act (FATCA)

 

7 US Antitrust law and enforcement

 

The evolution of US antitrust law

 

The Sherman Act (1890)

 

The Clayton Act (1914)

 

The Federal Trade Commission (FTC) Act (1914)

 

The Robinson-Patman Act (1936)

 

The Wheller-Lea Act (1938)

 

The Cellar-Kefauver Act (1950)

 

The Williams Act (1968)

The Hart-Scott-Rodino (HSR) Act (1976)

 

The development of mergers and acquisitions (merger waves)

 

Measuring Market Concentration: The Herfindahl-Hirschman and Lerner Indices

 

Innovation, tying, and monopolization: Antitrust law and the Microsoft case

 

Estimating antitrust damages

 

8 International economics in international courts of law

 

The sources of international law

 

Trade theories as foundations of international trade law

 

Trade Restrictions with partial equilibrium analysis (subsidies and tariffs)

 

International trade law

 

Infant Industry Protection (Art. XIII)

 

Dumping (Art.VI, Anti-Dumping Agreement, and Agreement to Implement)

 

Balance of payments stability and quantitative restrictions (Art. XII)

 

Nondiscrimination, quotas, and exemptions (Arts. I, XIII and XIV)

 

Regional Trade Agreements (RTAs) (Arts. XXIV and I)

 

Agreement on Subsidies and Countervailing Measures (SCM) (Art. XVI and SCM)

 

The WTO’s Dispute Settlement Understanding (DSU)

 

Applications of economic law to trade disputes

Export Subsidy

 

Dumping

Discriminatory market access

 

Monetary economics and international law: The confiscatory effects of currency

devaluation or manipulation of value

 

Customary and conventional monetary law

 

The limits of monetary "sovereignty": contractual monetary arrangements

 

Obligations Regarding Exchange Arrangements (Art. IV)

 

Surveillance over exchange arrangements (Art. IV §3)

 

Waiver conditions (Art.V §4)

 

Ineligibility to use the Fund’s general resources (Art. V § 5)

 

Interpretation of the Articles of Agreement (Art. XXIX)

 

Applications of monetary law: no contrived confiscation

 

Long-term foreign investment and foreign investment laws

 

The International law of foreign direct investment (FDI)

 

National Treatment (OECD Guidelines: Declaration II-4)

 

International Investment Incentives and Disincentives (OECD Guidelines

Declaration: IV. 1-3)

 

Concepts and principles

 

General policies (OECD Guidelines II

 

The taking of foreign property (international law of expropriation and confiscation)

 

The Aminoil Case

 

Sovereignty over national resources and nationalization

 

Table of cases

 

Index

About the Author

Christopher Warburton is an international economist, he currently teaches economics at East Stroudsburg University in Pennsylvania, U.S.

Subject Categories

BISAC Subject Codes/Headings:
BUS010000
BUSINESS & ECONOMICS / Business Law
BUS044000
BUSINESS & ECONOMICS / Economics / Microeconomics
BUS069000
BUSINESS & ECONOMICS / Economics / General
LAW052000
LAW / Jurisprudence
LAW059000
LAW / Legal Education