An analysis of how law and economics relate to property and liability, as seen in the cases of "Miller et al. v. Schoene" and "Boomer v. Atlantic Cement Co".
Abstract This paper analyzes the cases of "Miller et al. v. Schoene" (1928) and "Boomer v. Atlantic Cement Co" (1970), which both touch upon similar issues in law and economics related to property and liability. The paper argues, in comparing and contrasting the rulings in the two cases, that in evaluating real world circumstances and cases the law does not reflect pure economic analysis of these questions. It suggests that the law has tended to treat negative externalities by a liability rule as opposed to a property rule.
From the Paper "In this analysis, we can see that the court in the case of Boomer v. Atlantic Cement Co. generally followed the trend of courts and has "been reluctant to go beyond the requirement that damages be paid". In this regard, the court was restricting itself to issues of liability and not delving into the more complex economic issues in judging the costs of air pollution against damages to the community. Indeed, as Ronald Coase observes, purely economic considerations and analyses of cases before courts often does not impact court rulings: "it has to be remembered that the immediate question faced by the courts is not what shall be done by whom but who has the legal right to do what". As another critic notes, the issues of cost interdependence in ruling between property owners in such cases is often "a technical-economic interdependence not a legal one"."
Abstract This paper discusses the question of including thermodynamics in the study of economics. It is very important to include it when studying neo-classical economics and free-market activity because it alone seems capable of introducing consumption pattern analysis into the study of economics. Thermodynamics is important within ecological economics and within economics in general because the environment within which all economies function is anchored in a finite system that is constrained by its very nature and character.
From the Paper "Resources are limited and many are not reproducible in any type of practical natural sense that would allow even sustainable growth models to be applicable. Petroleum will eventually be completely depleted and the natural process of producing it is simply not a practical option that would result in sustainable consumption patterns. "
Abstract This paper discusses unsustainable consumption patterns and the laws of thermodynamics. It discusses the relationship between thermodynamics and the study of neo-classical economics and free-market society and its importance in the current economic model. Finally, the paper examines why ecological economics is antithetical to neo-classical economists and free market advocates and then discusses the need for further research on the topic.
Table of Contents:
Overview
Thermodynamics in Economics Current Importance
Objections
Further Research
From the Paper "The first law of thermodynamics is the law of conservation and this law is critical in the establishment of sustainable consumption patterns within a free-market economy that rejects all forms of constraints (Lawn pars.2-5). Although this law states that energy cannot be destroyed or created it illustrates that materials that result in energy can be depleted through transformation processes that result in forms of energy that cannot be harvested in an economic sense. Entropy is essentially the second law of thermodynamics and as such is central to thermodynamics as it is applied to ecological economics. Entropy is the concept in ecological economics that describes the state of potential energy as being less than the initial energy contained within an item or unit (Finch & McMaster 135). It describes the necessity of continually introducing new energy into economic activity to produce ever greater results or outcomes at the risk of economic shutdown."
Abstract This paper studies the first and second laws of thermodynamics and attempts to explain why humans do not violate the second law. The paper looks at the structure of ATP and the ADP/ATP cycle. The paper also examines the induced fit model of enzyme/substrate interaction.
From the Paper "The first law of thermodynamics says that energy cannot be created or destroyed, but it can be changed from one form to another. The total amount of energy and matter in the universe remains constant; it merely changes from one..."
Tags: ATP/ADP Cycle, 1st Law of Thermodynamics, 2nd Law of Thermodynamics, induced fit model
This extensive research paper analyzes U.K. case law regarding mental health to develop a set of recommendations to be used as a guideline for creating an improved legal system for mental health.
Abstract This paper outlines the history of mental health law in the U.K., identifying a number of key principles of health care economics and ethics, with a focus on the particular incentives and trade-offs that are raised by these principles at three levels of the mental health system: government and society; purchasers and providers; and users and caretakers. The author points out that self-determination theory (SDT) is based on the belief that innate psychological needs for competence, autonomy, and relatedness are important bases for human motivation. The paper suggests that there is a need to move towards a more open, accountable, and evidence-based mental health care system, which would be fully supported by U.K. law.
Table of Contents
Introduction
Statement of the Problem
Literature Review
History of UK Case Law Draft Mental Incapacity Bill
The Fundamental Principle Behind Medical Law in the UK
Capacity Law Problems in Mental Health Systems in the UK
A Right to Health Care: The Libertarian Objection
Whom to Sacrifice
The Struggle Between Ethics and Economics in Mental Health Care
Four Principles of Health Care Economics Four Principles of Health Care Ethics
Tensions in Health Care Decision-Making
Government and Society
Purchasers and Providers
Economic Incentives
Ethical Trade-offs
Users and Caretakers
Linking the Past to the Present
Purpose of the Study
Research Questions and Hypothesis
Methodology
Results
Discussion, Recommendations and Conclusion
Explicitness
Evaluation
Accountability
Recommendations
Bibliography
From the Paper "In a perfectly competitive market, the supply and demand for a particular good achieves equilibrium, and no more and no less of the good is produced or consumed than is necessary. In reality, markets are not perfectly competitive, resulting in failures due to unfair competition, uncertainty and externality effects. The market for mental healthcare is no exception. These failures are so common that some form of government intervention is necessary. The extent of government involvement is influenced by both economic and political considerations and by the existing model of social choice. In the United Kingdom, a careful balance of both individualistic (autonomy and consumer sovereignty) and collective (justice and welfare maximization) principles must be considered."
Abstract This paper is a detailed discussion of Islamic criminal law, its sources, its application, and its conflict with international law and human rights. The author examines both primary and secondary sources of Islamic law, and describes Hudud, Tazir and Qesas crime and punishment. The paper also focuses on the historical background of Muslim law.
From the paper:
?Islam means "submission" or "surrender" to the will of Allah. For the more than one billion Muslims of the world, this means submission to a comprehensive code of law governing every arena of life: social, political, economic, and religious. In Islam there is no separation of church and state, no distinction between religion and politics; Government, law, and religion are unified. Some would argue that Islamic law is not fully practiced in any part of the Islamic world. While this may be true, twenty-three nations have either declared Islam to be the state religion or declared the religious writings of Islam to be the principal source of law.?
Abstract The evolution of product liability in terms of the law of negligence represents one of the more fascinating developments in tort law over the past two centuries. In the 21st century the issue of product liability is particularly prominent in the public consciousness with the increasing size and economic importance of the industrialized consumer economy. This essay focuses on the law of negligence with particular reference to the issue of product liability.
Abstract This research paper outlines some key effects of terrorism on the application of the rule of law. By outlining key historical events in conjuction with the practical analysis of the law and its connotations, one is able to see how terrorism may effect the validity of the law in a social, economic and political context.
From the Paper "Terrorism is the largest threat to democracy the world has seen. The recent September 11 attacks on the World Trade Centre in New York and the Pentagon are often perceived as the beginning of a "never ending" war against terror. However, the perceptions of the qualities of a terrorist differ from person to person, which presents a conflict as to who really is a threat, and who is not. For example, the United States Department of Defence believes that a terrorist is a person or group who carries out an attack for a political, religious or ideological purpose whereas, in a time of war, a terrorist would be someone with only a "remote chance of achieving their aims"."
Tags: international, law, political, rule, science, september
Abstract This paper discusses the health care crisis in the United States. The paper notes that health care costs have been rising beyond the rate of inflation for quite some time, and many Americans are starting to realize the severity of the issue. The paper examines the causes of the problem and discusses solutions that will help to minimize it. To analyze the situation, the paper looks at economic literature and then applies this economic framework to the current policies that affect the health care market. The paper continues by using the same framework and analyzes alternative policies and institutions and recommends a set of policies to best address the issue. The paper is illustrated with graphs and tables.
Outline:
Introduction
Literature Review
Class Probability
Insurable and Uninsurable Risks
Sub-Classification of Risks
Moral Hazard of Insurance
Analysis of Current Policies and Institutions
The AMA
Moral Hazard of Health Insurance and the Problem of Sub-classification
Incentives to Use Health Insurance
Public Health Insurance
Analysis of Alternative Policies and Institutions
Limiting the Market Power of the AMA
High Deductible Health Insurance
Health Savings Accounts
Conclusion
From the Paper "The purpose of insurance is to pool a particular risk among a group of individuals so as to reduce the amount of risk facing any one individual. Risk can be defined as the uncertainty about a particular negative outcome occurring in the future. If the perceived risk is financial in nature, then an individual may choose to pay a fraction of the cost into an insurance pool, thereby eliminating the possibility of incurring the cost in its totality."
Tags: income-elastic, economic, framework, a, risk, based, insurance, pool
An exploration of the theory of trademark dilution, focusing primarily on the impact it has had on plain vanilla trademark law, as well as on potential dilutors.
Abstract This paper reviews trademark law in general, the development of trademark dilution and its codification within the US Federal code via the FTDA. The focus of this paper lies on the ramifications of the FTDA on trademark law itself, as well as on the economic ramifications such protection may have on potential dilutors in the future.
Contents:
The Situation
Trademarks: A Brief Explanation
Trademark Dilution: A Theory, Potentially Wrongfully, Codified in State and Federal Statute
The FTDA: Application Leads to Trouble Waters
Victoria's Secret offers Little Resolution
The Aftermath of the Federal Trademark Dilution Act and Victoria's Secret
Conclusion
From the Paper "Developed in the 1920's by Frank I. Schechter, the theory of trademark dilution posits that certain trademarks have such a high value that their use in areas of commerce unrelated to those in which the protected mark is currently being used or might reasonably be used in the future, could serve to "blur" or "tarnish" the identifying capability of the protected mark. Dilution Laws, in turn, first began to appear in various states shortly after Schechter's theory was published.
Yet, the codification of trademark dilution, as specified by Schechter, into statute form may well be the foundation for the deluge of inconsistencies which have come to be associated with the doctrine, and, more specifically, the Federal Trademark Dilution Act."
Abstract This paper begins by establishing the context and framework within which the doctrine of "essential facilities" operates, as part of the general principles of 'refusal to supply' market abuse by dominant undertakings under Article 82 of the competition law. The writer then analyses the precise nature of the relationship between the two through discussion of relevant case-law. The writer then considers the origins of the doctrine in EC competition law, which has been closely linked with the liberalisation of the transport and utilities sectors. Key criticisms of the doctrine are then considered, and finally relevant conclusions regarding its development are made.
From the Paper "Following this, it may be seen that the general application of the refusal to supply principle is sufficient by itself to deal with this particular form of Article 82 abuse, and as such there is no need for a doctrine of essential facilities. It is clear that some commentators subscribe to this idea, whilst others disagree; Temple Lang for one considered that the notion of an essential facilities doctrine was of absolute necessity in facilitating competition in the telecommunications sector by providing access to the publicly owned infrastructure, where there existed no actual trade or access negotiation as a result of conferred monopoly rights. Additionally, the fact that the refusal to supply doctrine can be used in situations where the supply is not actually 'essential' because of the existence of alternate sources (but necessary to maintain effective competition) makes it appear sensible to have a somewhat separate principle that can be applied in those circumstances where access to a facility is fundamentally essential to an undertaking."
Abstract This paper discusses the nature of Islamic finance and economics, as well as the principles derived from the Koran that govern economics in Islam. The paper notes that modern Islamic economics is based on several religious laws set forth in the Koran, as interpreted by various scholars, and modern economics in particular have been shaped by readings of the Koran beginning in the 1940s.
From the Paper "Islamic economic practices are governed by tents from the Koran and are embodied in Islamic law, known as shari'ah. These tenets govern business, economic decisions, and other aspects of social discourse in Islamic societies. Islamic economics is based on several religious laws set forth in the Koran, as interpreted by various scholars, and modern economics in particular have been shaped by readings of the Koran beginning in the 1940s. Analysts note the way society expresses its form in Islamic theocracies and the power of shari'ah, or Islamic religious law."
Abstract This paper summarizes the economic and political thought of key economists and classifies them according to the level of government control on the economy. Karl Marx and Friedrich Engels, who believed in the public ownership of productive property, are the advocates of strong, centralized government control. At the other end, Adam Smith, Joseph Schumpeter, Ludwig von Mises and Milton Friedman all espoused laissez faire economics. The middle ground is the fiscal policy of John Maynard Keynes. The second part of this paper discusses why the Keynesian model is both informed by and compatible with Christian principles. In the third part the writer recommends against increasing government regulations on the United States economy in the face of technology such as Napster and cloning. Instead, he argues that a careful application of Keynesian programs would ensure that the Unites States economy remains healthy and competitive.
From the Paper "The fact that capitalism continues to flourish, despite the predictions of Marx and Schumpeter, are testament to this economic system's primacy. Though they had different reasons for sounding capitalism's death knell, Marx and Schumpeter made a common mistake by underestimating how much technology revives capitalism. Marxist scholars such as Lenin later showed how capitalism has involved into imperialism, given that technology allows capitalists to extend their private ownership beyond the nation-state. Schumpeter, on the other hand, did not anticipate how these technology such as the internet have given rise to a new kind of ?daring entrepreneur,? who have in turn created new industries and opened new markets."
Abstract This paper examines the economic perception of zoning as somehow infringing on the rights of property owners and indirectly interfering with the free market. It explains that some researchers disagree with this perception and say that the primary criticisms directed towards zoning are that zoning is unfair to some property owners to a greater degree than others and therefore inherently biased, and that zoning adds unnecessary and often excessive transaction costs that in effect are economic externals. The writer notes that not having any controls on the economic development of a region would result in commercial activity being developed in or near residential neighborhoods that would negatively impact housing values of all the surrounding neighborhoods. The writer believes that zoning is in itself useful and necessary but there should be a bargaining element introduced that removes sole decisive power from the municipality to one degree or another. The writer concludes that currently there is no alternative to any zoning decision made by municipalities and this is not necessarily good either.
From the Paper "Many economists consider zoning a response to population growth and specifically urban sprawl in that zoning can be considered a solution to these problems relative to land use issues. Zoning is essentially an extension of political control over the development process within communities. Political controls over land use manifested through zoning laws are in place in every province of Canada and, in many cases, rationalized through environmental reasons or, conversely, are used to indicate that public utilities or services do not have the ability to service additional development in a given area."
Abstract In this essay the writer looks at how the courts in the U.K. determine whether a person is an independent contractor or an employee. Four tests are discussed, which include the control test integration test, mutuality of obligation test and economic reality test. The second section of the paper looks at the vicarious liability of an employer in relation to employees.
From the Paper "The courts in the United Kingdom use a variety of tests to differentiate between a person's status as an independent contractor and an employee. Many of these tests have been established through case law. Throughout this paper the writer examines the various tests the courts use to determine whether a person is an employee, emphasizing important cases as necessary to complete this discussion. Furthermore, the writer examines the concept and operation of vicarious liability in relation to employees. When examining whether or not a person is an employee, it is important to look at the way the UK defines the term employee. The Department of Trade and Industry states in its Discussion Document on Employment Status in Relation to Statutory Employment Rights that "section 230(1) of the Employment Rights Act of 1996 defines an employee as: 'an ..."
