Luke Herrine

Today is a big day at the Blog.

Toward a theory of market and firm that rejects the Coasian frame altogether.

The importance of Graeber's work goes well beyond money and debt. In my view, anybody interested in building up a renewed legal realism that can stand up to not just law-and-economics but also the updated formalism of liberal analytic moral/legal theory would be well served to familiarize themselves with his writings.

Learned Hand once described the task of the Federal Trade Commission as “discover[ing] and mak[ing] explicit those unexpressed standards of fair dealing which the conscience of the community may progressively develop.” In a previous post, I argued that moving consumer protection law beyond consumer sovereignty requires recovering this way of thinking, common among Progressives and…

The consumer is at the center of the neoliberal’s moral universe. For both neoclassical welfarists and Hayekian moralists, the consumer is the Everyman. For, whatever else we do, we are all consumers. The “free market” has value because it forces the firms that control the process of production and distribution to compete for our business.…

This is the introductory post in a series on the Methods of Political Economy. In their Law & Economics textbook, Robert Cooter and Thomas Ulen ask: “Why has the economic analysis of law succeeded?” Their answer: “Economics provide[s] a scientific theory to predict the effects of legal sanctions on behavior….This theory surpasses intuition, just as…