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Law and Economics—Valuable but Controversial

Published online by Cambridge University Press:  27 December 2018

Werner Z. Hirsch  and
Evan Osborne
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Abstract

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Type
Review Essay
Information
Law & Social Inquiry , Volume 17 , Issue 3 , Summer 1992 , pp. 521 - 537
Copyright
Copyright © American Bar Foundation, 1992 

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References

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5 Hall v. City of Santa Barbara, 833 F.2d 1270 (9th Cir. Ct. App. 1986). This ruling is in conflict with one rendered more recently by a California appellate court in Yee v. City of Escondido, 224 Cal. App. 3d 1349 (Oct. 1990).Google Scholar

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7 The term used most often to refer to returns that exceed competitive returns is a “rent,” but to avoid confusion with the more conventional meaning of that term, for example, that used in the discussion of rent control laws, here the term “profits” is used to stand for “economic profits.” All these terms imply that there is an asset that bears a rate of return higher than that which would prevail under competitive conditions.Google Scholar

8 Such an appreciation in the value of a coach results when rent control laws lower rental rates below market levels and thus provide coach owners with a windfall in the form of capitalized lower rent payments in the future.Google Scholar

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18 Hirsch, Law and Economics 4–9.Google Scholar

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20 For a definition, see note 4.Google Scholar

21 See, e.g., James M. Buchanan, Robert D. Tollison, & Gordon Tullock, eds., Toward a Theory of the Rent-seeking Society (College Station: Texas A & M Press, 1980).Google Scholar

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