The Progressive Assault on Laissez Faire: Robert Hale and the First Law and Economics MovementLaw and economics is the leading intellectual movement in law today. This book examines the first great law and economics movement in the early part of the twentieth century through the work of one of its most original thinkers, Robert Hale. Beginning in the 1890s and continuing through the 1930s, progressive academics in law and economics mounted parallel assaults on free-market economic principles. They showed first that "private," unregulated economic relations were in fact determined by a state-imposed regime of property and contract rights. Second, they showed that the particular regime of rights that existed at that time was hard to square with any common-sense notions of social justice. |
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... Marginal productivity theory predicted that in a competitive market , each factor of production ( labor , land , and other forms of capital ) would be paid an amount exactly equal to the value of its marginal product . The theory , like ...
... marginal value that it contributed ( John Bates Clark's " marginal productivity theory ' ) . Finally , in competitive markets , the value of the marginal product to consumers would equal the cost to marginal suppliers , with the result ...
... marginal produc- ers in competitive markets . For inframarginal producers in those markets , and for all producers in noncompetitive markets , the return often far exceeded a fair return on costs . The excess ( variously called " rents ...
... marginal cost to suppliers . But , the Fabians argued , extending the Ricardian analysis of land rents to all factors of production , the relative scarcity of certain inputs ( land and other forms of fixed capital , human talents and ...
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Contents
1 | |
2 The Empty Idea of Liberty | 29 |
3 The Empty Idea of Property Rights | 71 |
4 A RentTheory World | 108 |
Rate Regulation of Public Utilities | 160 |
6 Conclusion | 205 |
Notes | 217 |
Index | 333 |
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The Progressive Assault on Laissez Faire: Robert Hale and the First Law and ... Barbara H. Fried No preview available - 2001 |