Law and economics
AI Exposes Flaws in Copyright’s Focus on Transformativeness in Fair Use
Shishene Jing argues that the fair use doctrine's central question—whether a use is sufficiently transformative to avoid licensing requirements—breaks down when applied to AI. Transformativeness worked as a test because transformative uses rarely competed financially with the originals. AI training severs that relationship, as it is both the most transformative use of copyrighted material and the use best equipped to displace their markets.
Taking on Corporate Power Requires Deprogramming Corporate Law
The current law and economics framework of corporate law rests on four theoretical underpinnings that restrict students’ and regulators’ understanding of the stakes of corporate law. In new research, Mariana Pargendler argues that creating corporate laws that are more attuned to social welfare will require deprogramming its dominant framework.
Henry Manne’s Struggle To Institutionalize Law & Economics
In new research, David Gindis and Steven G. Medema trace Henry Manne’s entrepreneurial role in the development of the field of law and economics, beginning with a failed venture to bring together economists and legal scholars, but one that established the foundations for later success.
New Game Theory Shows Better Path to Cooperation
A new paper by Cortelyou C. Kenney explores new developments in game theory to question some of the fundamental assumptions of classical law and economics scholarship, especially the scholarship of John Nash. She suggests that a more sophisticated understanding of cooperation can create fairer and more just institutions that maximize social welfare instead of individual efficiency.
Antitrust Misunderstands Innovation. This Is How We Fix It.
Antitrust misunderstands innovation by focusing almost entirely on incentives to innovate to the neglect of questions regarding the ability to innovate through sharing knowledge...
No More “Mystery Meat”: Why We Need Better Corporate Governance Data
Three decades of finance, economics, and legal studies in corporate governance have been built substantially on data sets with nearly unknown provenance. A new...
Data-Driven Ideology: The Problem With Economists' Takeover of Policymaking
According to New York Times journalist Binyamin Appelbaum's recent book The Economists' Hour, economics is not the unbiased science that it pretends to be, but...
Corporations and the Rise of the Chicago Law and Economics Movement
From its birth in 1946 onward, corporations made possible and crucially supported the rise of the Chicago law and economics movement. Aaron Director,...
