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Economic Analysis and Law
The Economics of the Courtroom





ISBN 9780367361204
Published July 14, 2020 by Routledge
500 Pages 70 B/W Illustrations

 
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Book Description

A comprehensive presentation of the use of economics in judicial decisions, the book is structured to provide all 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

List of figures

List of tables

INTRODUCTION

1 MICROECONOMIC FOUNDATION

1.1 Microeconomic foundation

1.2 Normative versus positive law and economics

1.3 Economic models and markets

1.4 Market transactions and consumer class action litigation

1.5 Economic and judicial interpretations of consumer responsiveness to price changes

1.5 (A) US labor market and the Civil Rights Act of 1964

1.5 (B) US labor law and economics of discrimination

1.6 Production cost and consumer welfare

2 MACROECONOMICS IN FORENSIC ECONOMICS

2.1 Aggregate economic performance (the business cycle)

2.2 Forensic implications of (international) unemployment

2.3 Nominal and real interest rates

2.4 The inflation factor

2.5 Interest rates and inflation in courts of law

2.6 Open macroeconomics and exchange rate law

3 CORPORATE FINANCIAL ANALYSIS AND INVESTMENT LAW

3.1 The interface of corporate finance and real economic performance

3.2 Laws of the Security and Exchange Commission

3.2 (A) Financial statements

3.2 (B) The income statement

3.2 (C) The balance sheet

3.2 (D) The statement of cash flow

3.3 Financial statements and securities regulation

3.4 Applications of SEC law

3.4 (A) Securities trade and extraterritorial jurisdiction

3.4 (B) The principal-agent problem

3.4 (C) A case of abusive managerial discretion? Dodge v. Ford Motor Company (204 Mich. 459 170 N.W. 668 (1919))

3.4 (C) (I) Managerial economics in Dodge v. Ford

3.4 (C) (II) Normative economics in Dodge v. Ford

3.5 The principal-agent struggle for control of public corporations

4 INNOVATION AND EXPROPRIATION OF CREATIVE RIGHTS

4.1 Innovation and human rights

4.2 Ethical lapses and costs of IP expropriation

4.3 The economic consequences of innovation

4.4 Intellectual property law

5 ECONOMETRICS FOR THE COURTROOM

5.1 Federal rules of evidence and scientific requirements (the Daubert Standard)

5.2 The structure of data

5.3 Sampling strategies

5.4 Forecasting economic value

5.5 Ordinary least squares (OLS)

5.5 (A) Time value of money

5.5 (B) Future value of money

5.5 (C) Present value of money

5.5 (D) Litigating the discount rate

5.5 (E) Annuities and amortization

5.5 (F) The net present value (NPV) of money

5.6 Putting it all together: the Mooresville Honda Case and work life expectancy

5.7 Chi square analysis

5.8 The intrinsic value of public companies

6 TAX AVOIDANCE AND EVASION

6.1 Types of taxpayers

6.2 The economics and laws of taxation

6.3 The US tax gap

6.4 Theories of tax avoidance and evasion

6.5 The tax court system of the US

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

7 US ANTITRUST LAW AND ENFORCEMENT

7.1 The evolution of US antitrust law

7.1 (A) The Sherman Act (1890)

7.1 (B) The Clayton Act (1914)

7.1 (C) The Federal Trade Commission (FTC) Act (1914)

7.1 (D) The Robinson-Patman Act (1936)

7.1 (E) The Wheller-Lea Act (1938)

7.1 (F) The Cellar-Kefauver Act (1950)

7.1 (G) The Williams Act (1968)

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

7.2 The development of mergers and acquisitions (merger waves)

7.3 Measuring market concentration: the Herfindahl-Hirschman and Lerner indices

7.4 Innovation, tying, and monopolization: antitrust law and the Microsoft Case

7.5 Estimating antitrust damages

8 INTERNATIONAL ECONOMICS IN INTERNATIONAL COURTS OF LAW

8.1 The sources of international law

8.2 Trade theories as foundations of international trade law

8.3 Trade restrictions with partial equilibrium analysis (subsidies and tariffs)

8.4 International trade law

8.4 (A) Infant industry protection (Art. XIII)

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

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

8.4 (D) Non-discrimination, quotas, and exemptions (Arts. I, and XIV)

8.4 (E) Regional Trade Agreements (RTAs) (Arts. XXIV and I) 397

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

8.5 The WTO’s Dispute Settlement Understanding (DSU)

8.6 Applications of economic law to trade disputes

8.6 (A) Export subsidy

8.6 (B) Dumping

8.6 (C) Discriminatory market access

8.7 Monetary economics and international law: the confiscatory effects of currency devaluation or manipulation of value

8.8 Customary and conventional monetary law

8.8 (A) The limits of monetary “sovereignty”: contractual monetary arrangements

8.8 (A) (I) Obligations regarding exchange arrangements (Art. IV)

8.8 (A) (II) Surveillance over exchange arrangements (Art. IV § 3)

8.8 (A) (III) Waiver conditions (Art. V § 4)

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

8.8 (A) (V) Interpretation of the Articles of Agreement (Art. XXIX)

8.9 Applications of monetary law: no contrived confiscation

8.10 Long-term foreign investment and foreign investment laws

8.10 (A) The international law of Foreign Direct Investment (FDI)

8.10 (B) National treatment (OECD Guidelines: Declaration II. 4)

8.10 (C) International investment incentives and disincentives (OECD Guidelines: Declaration IV. 1– 3)

8.10 (D) Concepts and principles

8.10 (E) General policies (OECD Guidelines II)

8.10 (F) Disclosure (OECD Guidelines III)

8.10 (G) Human rights (OECD Guidelines IV)

8.10 (H) Environment (OECD Guidelines V)

8.10 (I) Combating bribery, bribe solicitation and extortion (OECD Guidelines VII)

8.10 (J) Consumer interests (OECD Guidelines VIII)

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

8.11 The Aminoil Case (Government of Kuwait v. American Independent Oil Company, 1982)

8.11 (A) The laws governing the arbitration

8.11 (B) Sovereignty over national resources and nationalization

8.11 (C) Fair and equitable treatment (FET)

8.11 (D) Good business (oilfield) practices

8.11 (E) The gold clause and asset (currency) price stability or convertibility

8.11 (F) Business valuation and compensation

Table of cases

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Author(s)

Biography

Christopher E.S. Warburton is an international economist who currently teaches economics at East Stroudsburg University in Pennsylvania, USA.