Margaret Jane Radin
- Published in print:
- 2012
- Published Online:
- October 2017
- ISBN:
- 9780691155333
- eISBN:
- 9781400844838
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691155333.003.0004
- Subject:
- Law, Company and Commercial Law
This chapter discusses the main streams of contract philosophy in order to elucidate the extent to which boilerplate is a permissible means of creating contractual obligation. In particular, it ...
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This chapter discusses the main streams of contract philosophy in order to elucidate the extent to which boilerplate is a permissible means of creating contractual obligation. In particular, it considers the deep embeddedness—the ineradicability—of the notion of voluntariness. It also compares and contrasts the economic efficiency theory of contract with the various theories based more directly on freedom of the will. The chapter first provides an overview of contract theory, focusing on autonomy (rights) and welfare theories, reliance theory, and equivalence of exchange theory. It then describes the basic premises of the economic theory of law, the role of incentives in maximizing social welfare, contract law, and property and liability rules. It shows that the existing philosophical theories of contract depend on the core notions of voluntariness, freedom of choice, or consent, thus making it difficult to incorporate boilerplate into the theories of contract.Less
This chapter discusses the main streams of contract philosophy in order to elucidate the extent to which boilerplate is a permissible means of creating contractual obligation. In particular, it considers the deep embeddedness—the ineradicability—of the notion of voluntariness. It also compares and contrasts the economic efficiency theory of contract with the various theories based more directly on freedom of the will. The chapter first provides an overview of contract theory, focusing on autonomy (rights) and welfare theories, reliance theory, and equivalence of exchange theory. It then describes the basic premises of the economic theory of law, the role of incentives in maximizing social welfare, contract law, and property and liability rules. It shows that the existing philosophical theories of contract depend on the core notions of voluntariness, freedom of choice, or consent, thus making it difficult to incorporate boilerplate into the theories of contract.
Richard S. Markovits
- Published in print:
- 2008
- Published Online:
- October 2013
- ISBN:
- 9780300114591
- eISBN:
- 9780300145229
- Item type:
- book
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300114591.001.0001
- Subject:
- Economics and Finance, History of Economic Thought
Is economic efficiency a sound basis upon which to make public policy or legal decisions? This book considers the way in which scholars and public decision-makers define, predict, and assess the ...
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Is economic efficiency a sound basis upon which to make public policy or legal decisions? This book considers the way in which scholars and public decision-makers define, predict, and assess the moral and legal relevance of economic efficiency. The book begins by identifying imperfections in the traditional definition of economic efficiency. Further, the book develops and illustrates an appropriate response to Second-Best Theory and investigates the moral and legal relevance of economic-efficiency analyses. Not only do virtually all economic, legal, and public policy thinkers misdefine economic efficiency, but also the book concludes, that they ignore or respond inadequately to Second-Best Theory when analyzing the economic efficiency of public choices and mis-assess the relevance of economic-efficiency conclusions both for moral evaluations and for the answer to legal-rights questions that is correct as a matter of law.Less
Is economic efficiency a sound basis upon which to make public policy or legal decisions? This book considers the way in which scholars and public decision-makers define, predict, and assess the moral and legal relevance of economic efficiency. The book begins by identifying imperfections in the traditional definition of economic efficiency. Further, the book develops and illustrates an appropriate response to Second-Best Theory and investigates the moral and legal relevance of economic-efficiency analyses. Not only do virtually all economic, legal, and public policy thinkers misdefine economic efficiency, but also the book concludes, that they ignore or respond inadequately to Second-Best Theory when analyzing the economic efficiency of public choices and mis-assess the relevance of economic-efficiency conclusions both for moral evaluations and for the answer to legal-rights questions that is correct as a matter of law.
Malanima Paolo, Astrid Kander, and Paul Warde
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691143620
- eISBN:
- 9781400848881
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691143620.003.0001
- Subject:
- Economics and Finance, Economic History
This book explores the role that energy has played in the economic history of Europe, highlighting the link between energy consumption and economic development. Using three industrial revolutions as ...
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This book explores the role that energy has played in the economic history of Europe, highlighting the link between energy consumption and economic development. Using three industrial revolutions as the organizing principle, it shows that the path of the modern economy has not been a straightforward story of a constant rate of increase in the use of energy. Instead, the overall trajectory of energy use within Europe follows a logistic S-shaped curve. Three phases can be identified: the first phase, 1500–1800, was marked by little growth in overall energy consumption; the second phase, 1800–1970, is the Industrial Age, which saw explosive expansion in energy use, except during the World Wars and interwar period; the third period, 1970–2008, was marked by stabilization in energy consumption per capita. Based on these developments, the book considers the drivers of energy transitions as well as the economic efficiency of energy use.Less
This book explores the role that energy has played in the economic history of Europe, highlighting the link between energy consumption and economic development. Using three industrial revolutions as the organizing principle, it shows that the path of the modern economy has not been a straightforward story of a constant rate of increase in the use of energy. Instead, the overall trajectory of energy use within Europe follows a logistic S-shaped curve. Three phases can be identified: the first phase, 1500–1800, was marked by little growth in overall energy consumption; the second phase, 1800–1970, is the Industrial Age, which saw explosive expansion in energy use, except during the World Wars and interwar period; the third period, 1970–2008, was marked by stabilization in energy consumption per capita. Based on these developments, the book considers the drivers of energy transitions as well as the economic efficiency of energy use.
Malanima Paolo, Astrid Kander, and Paul Warde
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691143620
- eISBN:
- 9781400848881
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691143620.003.0010
- Subject:
- Economics and Finance, Economic History
This chapter examines the role of energy in the economic growth of twentieth-century Europe. It considers the interrelationships of factors of production in order to identify the general features of ...
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This chapter examines the role of energy in the economic growth of twentieth-century Europe. It considers the interrelationships of factors of production in order to identify the general features of a shared experience of growth, rather than to illuminate the local differences. The chapter first explains how development blocks contributed to GDP growth before discussing seven long-run propositions, including the strong growth of capital stock and catch-up with the leader of capital–GDP ratios; machinery increased more than GDP, labor, and other capital; and falling and converging energy intensity in the twentieth century. The chapter concludes with an overview of the link between energy intensity and economic structure. It argues that it was the third industrial revolution that was behind most of the increasing economic efficiency of energy consumption after the 1970s.Less
This chapter examines the role of energy in the economic growth of twentieth-century Europe. It considers the interrelationships of factors of production in order to identify the general features of a shared experience of growth, rather than to illuminate the local differences. The chapter first explains how development blocks contributed to GDP growth before discussing seven long-run propositions, including the strong growth of capital stock and catch-up with the leader of capital–GDP ratios; machinery increased more than GDP, labor, and other capital; and falling and converging energy intensity in the twentieth century. The chapter concludes with an overview of the link between energy intensity and economic structure. It argues that it was the third industrial revolution that was behind most of the increasing economic efficiency of energy consumption after the 1970s.
Jules L. Coleman
- Published in print:
- 2002
- Published Online:
- January 2010
- ISBN:
- 9780199253609
- eISBN:
- 9780191719783
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199253609.003.0004
- Subject:
- Law, Competition Law
This chapter argues that two states of affairs, S' and S, can be Kaldor-Hicks efficient to each other (the Scitovsky paradox), whereas S' and S cannot each contain more utility than the other. So ...
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This chapter argues that two states of affairs, S' and S, can be Kaldor-Hicks efficient to each other (the Scitovsky paradox), whereas S' and S cannot each contain more utility than the other. So from the fact that S' is Kaldor-Hicks efficient to S, it cannot be inferred that S' increases utility over S. This leads to the contradictory conclusion that S and S' increase utility with respect to each other. Based on the fact that a social state, S, is Pareto optimal, no inference about whether the move to it from a previous social state increases utility can be warranted — at least not without a standard of interpersonal comparability. The chapter goes on to show that only Pareto superiority bears the desired relationship to utilitarianism; that is, if S' is Pareto superior to S, then S' increases utility with respect to S. The rest of the chapter discusses at length various lines of defense for normative economic analysis.Less
This chapter argues that two states of affairs, S' and S, can be Kaldor-Hicks efficient to each other (the Scitovsky paradox), whereas S' and S cannot each contain more utility than the other. So from the fact that S' is Kaldor-Hicks efficient to S, it cannot be inferred that S' increases utility over S. This leads to the contradictory conclusion that S and S' increase utility with respect to each other. Based on the fact that a social state, S, is Pareto optimal, no inference about whether the move to it from a previous social state increases utility can be warranted — at least not without a standard of interpersonal comparability. The chapter goes on to show that only Pareto superiority bears the desired relationship to utilitarianism; that is, if S' is Pareto superior to S, then S' increases utility with respect to S. The rest of the chapter discusses at length various lines of defense for normative economic analysis.
Robert W. Hahn and Alistair Ulph (eds)
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199692873
- eISBN:
- 9780191738371
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199692873.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
There is widespread agreement that climate change is a serious problem. If we fail to regulate greenhouse gases that contribute to global warming, or use alternative strategies for addressing the ...
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There is widespread agreement that climate change is a serious problem. If we fail to regulate greenhouse gases that contribute to global warming, or use alternative strategies for addressing the problem, the damages could be significant, and perhaps catastrophic. After several international meetings in which nation states have tried unsuccessfully to address the climate change problem, there is a widespread sense of frustration and urgency: frustration at the slow pace at which countries are moving toward an international agreement to reduce greenhouse gas emissions; urgency because of the growing evidence that climate change is a serious problem that should be addressed globally and quickly. The aim of this book is to take a close look at the fundamental political and economic processes driving climate change policy. It identifies institutional arrangements and policies that are needed to design more effective climate change policy. The book also examines ethical and distributional arguments that are critical in understanding and framing the climate debate. The book is built around a conference honouring Tom Schelling that took place at the Sustainable Consumption Institute at The University of Manchester in October 2010. Each chapter represents a significant contribution to the literature on the political economy of climate change.Less
There is widespread agreement that climate change is a serious problem. If we fail to regulate greenhouse gases that contribute to global warming, or use alternative strategies for addressing the problem, the damages could be significant, and perhaps catastrophic. After several international meetings in which nation states have tried unsuccessfully to address the climate change problem, there is a widespread sense of frustration and urgency: frustration at the slow pace at which countries are moving toward an international agreement to reduce greenhouse gas emissions; urgency because of the growing evidence that climate change is a serious problem that should be addressed globally and quickly. The aim of this book is to take a close look at the fundamental political and economic processes driving climate change policy. It identifies institutional arrangements and policies that are needed to design more effective climate change policy. The book also examines ethical and distributional arguments that are critical in understanding and framing the climate debate. The book is built around a conference honouring Tom Schelling that took place at the Sustainable Consumption Institute at The University of Manchester in October 2010. Each chapter represents a significant contribution to the literature on the political economy of climate change.
EMILIOS AVGOULEAS
- Published in print:
- 2005
- Published Online:
- January 2010
- ISBN:
- 9780199244522
- eISBN:
- 9780191715105
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199244522.003.0002
- Subject:
- Law, Competition Law
This chapter analyses modern financial markets as well as modern and ‘post-modern’ finance theory. The discussion sheds light on the economic theories and assumptions used in this book for the ...
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This chapter analyses modern financial markets as well as modern and ‘post-modern’ finance theory. The discussion sheds light on the economic theories and assumptions used in this book for the exploration of the function of market manipulation and insider dealing as forms of economic behaviour, and especially of their mechanics: techniques, devices, and tools used to perpetrate them. A sound understanding of modern financial markets and of economic theory concepts used to explain them is indispensable in the study of market abuse. It also underpins the analysis of the economic efficiency rationales that support its regulation. The chapter draws extensively on the relevant works of eminent economists such as Modigliani, Akerlof, Scholes, and Stiglitz, and from leading finance textbooks.Less
This chapter analyses modern financial markets as well as modern and ‘post-modern’ finance theory. The discussion sheds light on the economic theories and assumptions used in this book for the exploration of the function of market manipulation and insider dealing as forms of economic behaviour, and especially of their mechanics: techniques, devices, and tools used to perpetrate them. A sound understanding of modern financial markets and of economic theory concepts used to explain them is indispensable in the study of market abuse. It also underpins the analysis of the economic efficiency rationales that support its regulation. The chapter draws extensively on the relevant works of eminent economists such as Modigliani, Akerlof, Scholes, and Stiglitz, and from leading finance textbooks.
Jules L. Coleman
- Published in print:
- 2002
- Published Online:
- January 2010
- ISBN:
- 9780199253616
- eISBN:
- 9780191719776
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199253616.001.0001
- Subject:
- Law, Law of Obligations, Philosophy of Law
This book is concerned with the conflict between the goals of justice and economic efficiency in the allocation of risk, especially risk pertaining to safety. The book approaches the subject from the ...
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This book is concerned with the conflict between the goals of justice and economic efficiency in the allocation of risk, especially risk pertaining to safety. The book approaches the subject from the premise that the market is central to liberal political, moral, and legal theory. The first part of the book rejects traditional rational choice liberalism in favor of the view that the market operates as a rational way of fostering stable relationships and institutions within communities of individuals with broadly divergent conceptions of the good. However, markets are needed most where they are most difficult to create and sustain, and one way to understand contract law in liberal legal theory, according to this book, is as an institution designed to reduce uncertainty and thereby make markets possible.Less
This book is concerned with the conflict between the goals of justice and economic efficiency in the allocation of risk, especially risk pertaining to safety. The book approaches the subject from the premise that the market is central to liberal political, moral, and legal theory. The first part of the book rejects traditional rational choice liberalism in favor of the view that the market operates as a rational way of fostering stable relationships and institutions within communities of individuals with broadly divergent conceptions of the good. However, markets are needed most where they are most difficult to create and sustain, and one way to understand contract law in liberal legal theory, according to this book, is as an institution designed to reduce uncertainty and thereby make markets possible.
Margaret Jane Radin
- Published in print:
- 2012
- Published Online:
- October 2017
- ISBN:
- 9780691155333
- eISBN:
- 9781400844838
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691155333.001.0001
- Subject:
- Law, Company and Commercial Law
Boilerplate—the fine-print terms and conditions that we become subject to when we click “I agree” online, rent an apartment, or enter an employment contract, for example—pervades all aspects of our ...
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Boilerplate—the fine-print terms and conditions that we become subject to when we click “I agree” online, rent an apartment, or enter an employment contract, for example—pervades all aspects of our modern lives. On a daily basis, most of us accept boilerplate provisions without realizing that should a dispute arise about a purchased good or service, the nonnegotiable boilerplate terms can deprive us of our right to jury trial and relieve providers of responsibility for harm. Boilerplate is the first comprehensive treatment of the problems posed by the increasing use of these terms, demonstrating how their use has degraded traditional notions of consent, agreement, and contract, and sacrificed core rights whose loss threatens the democratic order. This book examines attempts to justify the use of boilerplate provisions by claiming either that recipients freely consent to them or that economic efficiency demands them, and it finds these justifications wanting. It argues that our courts, legislatures, and regulatory agencies have fallen short in their evaluation and oversight of the use of boilerplate clauses. To improve legal evaluation of boilerplate, the book offers a new analytical framework, one that takes into account the nature of the rights affected, the quality of the recipient's consent, and the extent of the use of these terms. It goes on to offer possibilities for new methods of boilerplate evaluation and control, and concludes by discussing positive steps that NGOs, legislators, regulators, courts, and scholars could take to bring about better practices.Less
Boilerplate—the fine-print terms and conditions that we become subject to when we click “I agree” online, rent an apartment, or enter an employment contract, for example—pervades all aspects of our modern lives. On a daily basis, most of us accept boilerplate provisions without realizing that should a dispute arise about a purchased good or service, the nonnegotiable boilerplate terms can deprive us of our right to jury trial and relieve providers of responsibility for harm. Boilerplate is the first comprehensive treatment of the problems posed by the increasing use of these terms, demonstrating how their use has degraded traditional notions of consent, agreement, and contract, and sacrificed core rights whose loss threatens the democratic order. This book examines attempts to justify the use of boilerplate provisions by claiming either that recipients freely consent to them or that economic efficiency demands them, and it finds these justifications wanting. It argues that our courts, legislatures, and regulatory agencies have fallen short in their evaluation and oversight of the use of boilerplate clauses. To improve legal evaluation of boilerplate, the book offers a new analytical framework, one that takes into account the nature of the rights affected, the quality of the recipient's consent, and the extent of the use of these terms. It goes on to offer possibilities for new methods of boilerplate evaluation and control, and concludes by discussing positive steps that NGOs, legislators, regulators, courts, and scholars could take to bring about better practices.
Richard S. Markovits
- Published in print:
- 2008
- Published Online:
- October 2013
- ISBN:
- 9780300114591
- eISBN:
- 9780300145229
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300114591.003.0005
- Subject:
- Economics and Finance, History of Economic Thought
This chapter describes the distortion-analysis approach to economic-efficiency assessment. The three major stages of the resource-allocation process, the major category of economic inefficiency that ...
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This chapter describes the distortion-analysis approach to economic-efficiency assessment. The three major stages of the resource-allocation process, the major category of economic inefficiency that can be generated at each, and the various subtypes of each major category of economic inefficiency are examined. The expression allocation of resources refers to the pattern in which an economy's basic resources are distributed among their various possible users and uses and the way in which an economy's output is distributed among its possible consumers. The consumer choices that affect the allocation at the third, consumption-optimum stage and the producer choices that affect the allocation at the second, top-level-optimum stage obviously affect the identity of the producers to whom particular resources are allocated at the first, production-optimum stage.Less
This chapter describes the distortion-analysis approach to economic-efficiency assessment. The three major stages of the resource-allocation process, the major category of economic inefficiency that can be generated at each, and the various subtypes of each major category of economic inefficiency are examined. The expression allocation of resources refers to the pattern in which an economy's basic resources are distributed among their various possible users and uses and the way in which an economy's output is distributed among its possible consumers. The consumer choices that affect the allocation at the third, consumption-optimum stage and the producer choices that affect the allocation at the second, top-level-optimum stage obviously affect the identity of the producers to whom particular resources are allocated at the first, production-optimum stage.
Harold O. Fried, C. A. Knox Lovell, and Shelton S. Schmidt (eds)
- Published in print:
- 2008
- Published Online:
- January 2008
- ISBN:
- 9780195183528
- eISBN:
- 9780199870288
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195183528.001.0001
- Subject:
- Economics and Finance, Econometrics
This book is an update of the 1993 publication of The Measurement of Productive Efficiency: Techniques and Applications. The same editors have here compiled over ten years of the most recent research ...
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This book is an update of the 1993 publication of The Measurement of Productive Efficiency: Techniques and Applications. The same editors have here compiled over ten years of the most recent research in this changing field, and expanded on those seminal chapters and written this new edition. The book guides from the basic models to the latest, cutting-edge extensions, and is reinforced by references to classic and current theoretical and applied research. The book focuses on measuring and explaining producer performance. It views performance as a function of the state of technology and economic efficiency. It shows that insights can be gained by allowing for the possibility of a divergence between the economic objective and actual performance, and by associating this inefficiency with causal variables subject to managerial or policy influence.Less
This book is an update of the 1993 publication of The Measurement of Productive Efficiency: Techniques and Applications. The same editors have here compiled over ten years of the most recent research in this changing field, and expanded on those seminal chapters and written this new edition. The book guides from the basic models to the latest, cutting-edge extensions, and is reinforced by references to classic and current theoretical and applied research. The book focuses on measuring and explaining producer performance. It views performance as a function of the state of technology and economic efficiency. It shows that insights can be gained by allowing for the possibility of a divergence between the economic objective and actual performance, and by associating this inefficiency with causal variables subject to managerial or policy influence.
Martin Ruhs
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691132914
- eISBN:
- 9781400848607
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691132914.003.0003
- Subject:
- Political Science, Political Economy
This chapter examines the potential interrelationships between migrant rights and national policies for admitting migrant workers. It explains how we can expect high-income countries to regulate the ...
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This chapter examines the potential interrelationships between migrant rights and national policies for admitting migrant workers. It explains how we can expect high-income countries to regulate the rights of migrant workers as part of their labor immigration policies. It develops a basic approach that conceptualizes the design of labor immigration policy in high-income countries as a process that involves “choice under constraints.” It shows that nation-states decide on how to regulate the number, selection, and rights of migrant workers admitted in order to achieve a core set of four interrelated and sometimes competing policy goals: economic efficiency, distribution, national identity and social cohesion, and national security and public order. Although their importance and specific interpretations vary across countries, and over time, the chapter argues that each of these objectives constitutes a fundamental policy consideration that policymakers can and do purposefully pursue in all countries.Less
This chapter examines the potential interrelationships between migrant rights and national policies for admitting migrant workers. It explains how we can expect high-income countries to regulate the rights of migrant workers as part of their labor immigration policies. It develops a basic approach that conceptualizes the design of labor immigration policy in high-income countries as a process that involves “choice under constraints.” It shows that nation-states decide on how to regulate the number, selection, and rights of migrant workers admitted in order to achieve a core set of four interrelated and sometimes competing policy goals: economic efficiency, distribution, national identity and social cohesion, and national security and public order. Although their importance and specific interpretations vary across countries, and over time, the chapter argues that each of these objectives constitutes a fundamental policy consideration that policymakers can and do purposefully pursue in all countries.
Jules L. Coleman
- Published in print:
- 2002
- Published Online:
- January 2010
- ISBN:
- 9780199253609
- eISBN:
- 9780191719783
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199253609.003.0003
- Subject:
- Law, Competition Law
This chapter distinguishes between Pareto optimality, Pareto superiority, and Kaldor-Hicks efficiency, and provides an extended discussion of the Coase theorem. One of the central claims in this ...
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This chapter distinguishes between Pareto optimality, Pareto superiority, and Kaldor-Hicks efficiency, and provides an extended discussion of the Coase theorem. One of the central claims in this chapter is that the economic analysis of law relies largely on the Kaldor-Hicks criterion of efficiency, less on Pareto optimality, and almost not at all on Pareto superiority. This is important, especially from a normative point of view. What justifies the use of public power, that is, courts, legislatures and administrative agencies, in pursuing efficiency? In his essay Theory of Negligence, Richard Posner shows that a large number of negligence cases were decided along lines of economic efficiency.Less
This chapter distinguishes between Pareto optimality, Pareto superiority, and Kaldor-Hicks efficiency, and provides an extended discussion of the Coase theorem. One of the central claims in this chapter is that the economic analysis of law relies largely on the Kaldor-Hicks criterion of efficiency, less on Pareto optimality, and almost not at all on Pareto superiority. This is important, especially from a normative point of view. What justifies the use of public power, that is, courts, legislatures and administrative agencies, in pursuing efficiency? In his essay Theory of Negligence, Richard Posner shows that a large number of negligence cases were decided along lines of economic efficiency.
Renato Nazzini
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199226153
- eISBN:
- 9780191730856
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199226153.001.0001
- Subject:
- Law, EU Law, Competition Law
Article 102 of the Treaty on the Functioning of the European Union prohibits the abuse of a dominant position as incompatible with the internal market. Its application in practice has been ...
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Article 102 of the Treaty on the Functioning of the European Union prohibits the abuse of a dominant position as incompatible with the internal market. Its application in practice has been controversial with goals as diverse as the preservation of an undistorted competitive process, the protection of economic freedom, the maximisation of consumer welfare, social welfare, or economic efficiency all cited as possible or desirable objectives. These conflicting aims have raised complex questions as to how abuses can be assessed and how a dominant position should be defined. This book addresses the conceptual problems underlying the tests to be applied under Article 102 in light of the objectives of EU competition law. Adopting an interdisciplinary approach, the book covers all the main issues relating to Article 102, including its objectives, its relationship with other principles and provisions of EU law, the criteria for the assessment of individual abusive practices, and the definition of dominance. It provides an in-depth doctrinal and normative commentary of the case law with the aim of establishing an intellectually robust and practically workable analytical framework for abuse of dominance.Less
Article 102 of the Treaty on the Functioning of the European Union prohibits the abuse of a dominant position as incompatible with the internal market. Its application in practice has been controversial with goals as diverse as the preservation of an undistorted competitive process, the protection of economic freedom, the maximisation of consumer welfare, social welfare, or economic efficiency all cited as possible or desirable objectives. These conflicting aims have raised complex questions as to how abuses can be assessed and how a dominant position should be defined. This book addresses the conceptual problems underlying the tests to be applied under Article 102 in light of the objectives of EU competition law. Adopting an interdisciplinary approach, the book covers all the main issues relating to Article 102, including its objectives, its relationship with other principles and provisions of EU law, the criteria for the assessment of individual abusive practices, and the definition of dominance. It provides an in-depth doctrinal and normative commentary of the case law with the aim of establishing an intellectually robust and practically workable analytical framework for abuse of dominance.
E. Philip Davis
- Published in print:
- 1998
- Published Online:
- March 2012
- ISBN:
- 9780198293040
- eISBN:
- 9780191684944
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198293040.003.0010
- Subject:
- Economics and Finance, Financial Economics, Public and Welfare
Pension funds are associated with various implications of international investment. As the chapter makes an analysis of Table 6.12, it shows that this investment has experienced significant growth ...
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Pension funds are associated with various implications of international investment. As the chapter makes an analysis of Table 6.12, it shows that this investment has experienced significant growth since 1980 and although it entails large volumes, studies have only been focused on the relatively small part of this portfolio. There are several options for attaining further growth in terms of the portfolio shares in some countries. While international investment may be found to be beneficial for pension funds, it is important to consider that this also entails a tendency of major significance in terms of world economy and financial market development that has various implications for economic efficiency. This chapter first provides an analysis of the grounds for international diversification, examines supporting data, investigates the reasons for the behavioural differences and the recent experience of various pension-fund sectors, and identifies the micro and macro level economic implications of international investment.Less
Pension funds are associated with various implications of international investment. As the chapter makes an analysis of Table 6.12, it shows that this investment has experienced significant growth since 1980 and although it entails large volumes, studies have only been focused on the relatively small part of this portfolio. There are several options for attaining further growth in terms of the portfolio shares in some countries. While international investment may be found to be beneficial for pension funds, it is important to consider that this also entails a tendency of major significance in terms of world economy and financial market development that has various implications for economic efficiency. This chapter first provides an analysis of the grounds for international diversification, examines supporting data, investigates the reasons for the behavioural differences and the recent experience of various pension-fund sectors, and identifies the micro and macro level economic implications of international investment.
Pierre-Richard Agénor
- Published in print:
- 2012
- Published Online:
- October 2017
- ISBN:
- 9780691155807
- eISBN:
- 9781400845392
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691155807.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
In the past three decades, developing countries have made significant economic and social progress, from improved infant mortality rates to higher life expectancy. Yet, 1.3 billion people continue to ...
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In the past three decades, developing countries have made significant economic and social progress, from improved infant mortality rates to higher life expectancy. Yet, 1.3 billion people continue to live in extreme poverty in the developing world, leading policymakers to place a renewed emphasis on policies that could promote economic efficiency and the productivity of the poor. How should these policies be sequenced and implemented to spur growth? Would a large, front-loaded increase in public infrastructure investment yield the desired growth-promoting effect? Taking a rigorous look at this kind of investment and its outcomes, this book explores the different channels through which public capital in infrastructure may affect growth and human welfare, and develops a series of formal models for understanding how these channels operate. Bringing together a vast amount of research in one unifying framework, the book finds that in considering investment in infrastructure, a variety of externalities need to be factored into analytical models and introduced in policy debates. Lack of access to infrastructure not only constrains the expansion of markets and private investment, it may also hinder the achievement of health and education targets. Ease of access, conversely, promotes innovation and empowers women by allowing them to reallocate their time to productive uses. Laying a solid foundation of economic facts and ideas, the book provides a comprehensive look at the critical role of public capital in development.Less
In the past three decades, developing countries have made significant economic and social progress, from improved infant mortality rates to higher life expectancy. Yet, 1.3 billion people continue to live in extreme poverty in the developing world, leading policymakers to place a renewed emphasis on policies that could promote economic efficiency and the productivity of the poor. How should these policies be sequenced and implemented to spur growth? Would a large, front-loaded increase in public infrastructure investment yield the desired growth-promoting effect? Taking a rigorous look at this kind of investment and its outcomes, this book explores the different channels through which public capital in infrastructure may affect growth and human welfare, and develops a series of formal models for understanding how these channels operate. Bringing together a vast amount of research in one unifying framework, the book finds that in considering investment in infrastructure, a variety of externalities need to be factored into analytical models and introduced in policy debates. Lack of access to infrastructure not only constrains the expansion of markets and private investment, it may also hinder the achievement of health and education targets. Ease of access, conversely, promotes innovation and empowers women by allowing them to reallocate their time to productive uses. Laying a solid foundation of economic facts and ideas, the book provides a comprehensive look at the critical role of public capital in development.
Richard S. Markovits
- Published in print:
- 2008
- Published Online:
- October 2013
- ISBN:
- 9780300114591
- eISBN:
- 9780300145229
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300114591.003.0006
- Subject:
- Economics and Finance, History of Economic Thought
This chapter presents some second-best theory critiques of canonical allocative-efficiency analyses and of the standard justifications for ignoring the notion of second best. The traditional ...
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This chapter presents some second-best theory critiques of canonical allocative-efficiency analyses and of the standard justifications for ignoring the notion of second best. The traditional allocative-efficiency rationale for pro-competition policies focuses exclusively on the supposed tendency of individual imperfections in price competition to generate a deadweight loss by reducing the output that the non-perfect competitor finds most profitable below the output that would be most allocatively efficient for him to produce. The traditional economic-efficiency rationale for antitrust is that pro-price-competition policies will eliminate or reduce this deadweight loss by eliminating or reducing the individual imperfections in price competition that first-best analysis claims cause it. The analysis of the deadweight loss that an individual monopoly will generate in a world that contains Pareto imperfections other than the individual imperfection in price competition in question is also presented.Less
This chapter presents some second-best theory critiques of canonical allocative-efficiency analyses and of the standard justifications for ignoring the notion of second best. The traditional allocative-efficiency rationale for pro-competition policies focuses exclusively on the supposed tendency of individual imperfections in price competition to generate a deadweight loss by reducing the output that the non-perfect competitor finds most profitable below the output that would be most allocatively efficient for him to produce. The traditional economic-efficiency rationale for antitrust is that pro-price-competition policies will eliminate or reduce this deadweight loss by eliminating or reducing the individual imperfections in price competition that first-best analysis claims cause it. The analysis of the deadweight loss that an individual monopoly will generate in a world that contains Pareto imperfections other than the individual imperfection in price competition in question is also presented.
Pierre-Richard Agénor
- Published in print:
- 2012
- Published Online:
- October 2017
- ISBN:
- 9780691155807
- eISBN:
- 9781400845392
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691155807.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This introductory chapter begins with a brief discussion of the persistence of poverty and lack of progress in human development today. The situation has led policymakers to put renewed emphasis on ...
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This introductory chapter begins with a brief discussion of the persistence of poverty and lack of progress in human development today. The situation has led policymakers to put renewed emphasis on policies aimed at promoting economic efficiency and improving the productivity of the poor, generating income-earning capabilities and creating opportunities for using them productively, through education and health, increasing opportunities to invest in small- and medium-sized enterprises, and improving housing and basic infrastructure services. The chapter then sets out the book's purpose: to provide a systematic overview of the recent evidence on the different channels through which infrastructure may affect growth; to take a resolutely analytical approach by developing an integrated series of formal models for understanding how these channels operate; and to draw policy implications with respect to formulating growth and human development strategies. An overview of the subsequent chapters is also presented.Less
This introductory chapter begins with a brief discussion of the persistence of poverty and lack of progress in human development today. The situation has led policymakers to put renewed emphasis on policies aimed at promoting economic efficiency and improving the productivity of the poor, generating income-earning capabilities and creating opportunities for using them productively, through education and health, increasing opportunities to invest in small- and medium-sized enterprises, and improving housing and basic infrastructure services. The chapter then sets out the book's purpose: to provide a systematic overview of the recent evidence on the different channels through which infrastructure may affect growth; to take a resolutely analytical approach by developing an integrated series of formal models for understanding how these channels operate; and to draw policy implications with respect to formulating growth and human development strategies. An overview of the subsequent chapters is also presented.
Todd Sandler
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780195130522
- eISBN:
- 9780199867363
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195130529.003.0002
- Subject:
- Economics and Finance, Public and Welfare
We live in a “brave new world” in which allocative decisions on public goods today can have consequences that cross political and generational boundaries. Although the international aspects of public ...
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We live in a “brave new world” in which allocative decisions on public goods today can have consequences that cross political and generational boundaries. Although the international aspects of public goods have received much attention in recent years, particularly with respect to environmental activities, intergenerational public goods have received relatively scant attention.In response, this chapter has five main purposes. First, it presents a taxonomy of public goods with benefits spanning generational or national boundaries. Second, it describes the implications for economic efficiency of a variety of public goods that affect nations or generations. Third, it explores the strategic aspects of intergenerational public goods. Fourth, it offers design principles for institutional arrangements, intended to address concerns about the allocation of transgenerational public goods. Fifth, the analysis is applied to specific cases of intergenerational public goods throughout. A number of policy insights derive from this analysis. At the national level, decision‐makers are unlikely to achieve optimal levels of these public goods. If intergenerational awareness of public goods spillovers is only encouraged within a country, then that country's well‐being may actually deteriorate as others free ride on its enhanced far‐sightedness. Thus, cooperation and increased awareness of spillovers must have both an international and an intergenerational dimension for all nations to gain.Less
We live in a “brave new world” in which allocative decisions on public goods today can have consequences that cross political and generational boundaries. Although the international aspects of public goods have received much attention in recent years, particularly with respect to environmental activities, intergenerational public goods have received relatively scant attention.
In response, this chapter has five main purposes. First, it presents a taxonomy of public goods with benefits spanning generational or national boundaries. Second, it describes the implications for economic efficiency of a variety of public goods that affect nations or generations. Third, it explores the strategic aspects of intergenerational public goods. Fourth, it offers design principles for institutional arrangements, intended to address concerns about the allocation of transgenerational public goods. Fifth, the analysis is applied to specific cases of intergenerational public goods throughout. A number of policy insights derive from this analysis. At the national level, decision‐makers are unlikely to achieve optimal levels of these public goods. If intergenerational awareness of public goods spillovers is only encouraged within a country, then that country's well‐being may actually deteriorate as others free ride on its enhanced far‐sightedness. Thus, cooperation and increased awareness of spillovers must have both an international and an intergenerational dimension for all nations to gain.
Peter Trepte
- Published in print:
- 2004
- Published Online:
- March 2012
- ISBN:
- 9780198267751
- eISBN:
- 9780191683350
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198267751.003.0003
- Subject:
- Law, Constitutional and Administrative Law
Market and institutional failures leading to conditions of imperfect competition which negatively affect economic efficiency (Pareto efficiency) explain many of the provisions which are common to ...
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Market and institutional failures leading to conditions of imperfect competition which negatively affect economic efficiency (Pareto efficiency) explain many of the provisions which are common to most procurement systems. This chapter addresses a further concern of welfare economics which considers the normative value judgements made by governments and their effect on issues of allocative efficiency. Whilst it is expected that the value choices made by the government would remain Pareto efficient (that is, would fall within one of the many Pareto-efficient options), it is also the responsibility of governments to decide (based on their election promises) which Pareto-efficient option to choose. That is not always achievable and, where it is not, there will be a trade-off between the attainment of a non-economic policy objective and economic efficiency. The success of procurement regulation will be measured by its ability to satisfy the requirements of the context in which it operates. This chapter also discusses the instrumental use of procurement, protective policies and proactive policies, strategic policies, non-discrimination, statutory compliance, and contract compliance.Less
Market and institutional failures leading to conditions of imperfect competition which negatively affect economic efficiency (Pareto efficiency) explain many of the provisions which are common to most procurement systems. This chapter addresses a further concern of welfare economics which considers the normative value judgements made by governments and their effect on issues of allocative efficiency. Whilst it is expected that the value choices made by the government would remain Pareto efficient (that is, would fall within one of the many Pareto-efficient options), it is also the responsibility of governments to decide (based on their election promises) which Pareto-efficient option to choose. That is not always achievable and, where it is not, there will be a trade-off between the attainment of a non-economic policy objective and economic efficiency. The success of procurement regulation will be measured by its ability to satisfy the requirements of the context in which it operates. This chapter also discusses the instrumental use of procurement, protective policies and proactive policies, strategic policies, non-discrimination, statutory compliance, and contract compliance.
