THE INFLUENCE OF ECONOMICS ON ANTITRUST LAW

Economists today play prominent roles in formulating antitrust policy and litigating antitrust cases. This paper explains why economics influences antitrust law and describes how economic theories enter and shape the antitrust system. Antitrust policy and doctrine change over time in response to developments in economic theory, and the decentralization of the antitrust adjudication system and the wide latitude accorded judges in interpreting antitrust statutes ensure that legal rules will reflect advances in the economic literature concerning the appropriate content of standards governing business conduct.     

Implications of temporal aggregation on the relation between two time series

Using a simple theoretical model and giving an empirical example it is investigated if it matters whether we use (monthly) averages or end-of-period (month) data in performing Granger-causality tests. It is shown that no major problems are to be expected if the two series are temporally aggregated in the same way, but non-trivial problems can occur if the two series have different kinds of temporal aggregation.     

Testing for state and local government job queues

Bivariate probit estimates with partial observability identify the factors influencing the worker’s decision to seek a state or local government job and the factors influencing the government’s decision to hire particular workers. The estimates routinely confirm the presence of a local job queue but confirm the presence of a state job queue only when the role of unionization is explicitly recognized. Our results suggest that the net benefits from local and state government employment are greater than those from private sector employment. The estimates also indicate that local governments disproportionately hire racial minorities relative to the local governments’ pool of applicants but indicate no such relationship for state governments. The authors thank Dale Belman, Jugal Ghorai, and Matt Higgins for help on this and related work. We also thank the referee and the editor for useful suggestions.     

The effect of 1980s tort reform legislation on general liability and medical malpractice insurance

A large number of states adopted tort reforms in the mid-1980s to limit the dramatic surge in insurance losses and premiums. Evidence based on liability insurance data by state indicates that these reforms substantially influenced general liability insurance. The levels of losses, premiums, and loss ratios (a measure of insurance profitability) all reflected the impact of the reforms. The large-scale reform efforts in 1986 were particularly influential. Medical malpractice insurance was much less sensitive to the reform efforts.     

Knowledge,power, and ethics in qualitative social research

Philadelphia, then and still one of the worst governed of America’s badly governed cities, was having one of its periodic spasms of reform. A thorough study of causes was called for. Not but what the underlining cause was evident to most white Philadelphians: the corrupt semi-criminal vote of the Negro Seventh Ward…. Would it not be well, to elucidate the known causes by a scientific investigation?… With my bride of three months, I settled in one room over a cafeteria run by a College Settlement, in the worst part of the Seventh Ward. We lived there a year, in the midst of an atmosphere of dirt, drunkenness, poverty and crime. Murder sat on our doorstep, police were our government, and philanthropy dropped in with periodic advice. (DuBois, 1968/1975: 194–5 also in Logan, ed. 1944: 42) What had been borne into me during my book studies was my utter ignorance of the manual-working class, that is, of four-fifths of my countrymen…. How was I to get an opportunity of watching, day by day, in their homes and in their workshops, a sufficient number of normal manual-working families to enable me to visualize the class as a whole; to understand what was meant by chronic poverty and insecurity of livelihood. (Webb, 1926: 146–7)     

Job Loss as Career Growth: Responses to Involuntary Career Transitions

The Latack-Dozier (1986) model of career growth through job loss was examined using a sample of 515 involuntarily displaced professionals. Results supported the model and identified variables most predictive of career growth for men and women. The results also partially supported the hypothesis that men and women rely on different forms of social support after job loss. The Latack-Dozier model is discussed in light of the findings. In addition, implications for dismissed workers, for career development specialists, and for practitioners are discussed.