Gresham's law in politics: Why are politicians not the most remarkable men for probity and punctuality?

Economists have always criticized politicians' behaviour. Adam Smith called politicians “crafty and insidious"; and, more recently Brennan and Buchanan have applied Gresham's law to politics, arguing that the man for whom the expected profit is highest will be the highest bidder for political power. However in their model there is not an argument to explain why these people are elected to public offices. This paper presents a supply model and a demand model explaining why politicians behave as “wicked" men, and are elected by the citizens. Firstly, we develop a model of repetitive and reputation games that shows why probity is not important for many politicians. The second model employs asymmetric information theory to explain why voters elect “wicked" people even if probity is a highly estimated value for them. The paper ends with some suggestions of legal reforms for reducing this asymmetry of information. classification D72. D82     

Economic freedom and economic growth in India: What is the empirical relationship?

The recent moves of the Indian economy towards further opening up of the economy with less government control has brought about changes in its policy structure. The objective of this study is to test the hypothesis that greater economic freedom leads to higher levels of economic growth in a federal system like India where business regulations, taxation, and government spending differ widely across states. Pooled linear regression model is applied to categorical data containing economic freedom and its three components as independent variables, and growth rates of income per capita and gross state domestic product as dependent variable, for a panel of twenty states for three time periods, 2004/2005, 2006/2007 and 2009/2010. While examining this relationship, the variables like initial income per capita, initial literacy rate, sectoral composition, and inflation rate are taken as control. The results tend to establish the fundamental effects of economic freedom in fostering economic growth. Three individual dimensions of economic freedom namely size of government, strong rule of law, and flexible regulations governing credit, labour, and product markets are likely to exert beneficial impacts on income growth. Initial income per capita exerts a positive impact, thus proving the prevalence of regional divergence on this front. High human capital, greater share of the services and inflation exert direct impact on growth.     

Whose body is it anyway? Human cells and the strange effects of property and intellectual property law

Whatever else I might own in this world, it would seem intuitively obvious that I own the cells of my body. Where else could the notion of ownership begin, other than with the components of the tangible corpus that all would recognize as "me"? The law, however, does not view the issue so neatly and clearly, particularly when cells are no longer in my body. As so often happens in law, we have reached this point, not by design, but by the piecemeal development of disparate notions that, when gathered together, form a strange and disconcerting picture. This Article examines both property and intellectual property doctrines in relation to human cells that are no longer within the body. In particular, the Article discusses the Bilski decision, in the context of life science process patents, and the Molecular Pathology case, in the context of gene patents. For patent law, the Article concludes that the problem lies not with the fact that genes constitute patentable subject matter, but rather with the extent of the rights that are granted. For both property and intellectual property law, the Article concludes that a more careful application of basic legal principles would better reflect the interests of society as a whole and the interests of individual human subjects, as well as the interests of those who innovate.     

The right not to know and coronary angiography: is the common law of Australia consistent with patients' wishes?

In "The Right Not to Know: Patient Autonomy or Medical Paternalism?" (2000) 7 JLM 286 Judy Gutman qualitatively examined the direction of the law relating to the duty of medical practitioners to disclose information to their patients about risks associated with medical treatment. Prompted by theoretical issues raised in that article, a quantitative study was performed. The study focused on the wishes of patients referred for coronary angiography regarding information about the risks inherent in that procedure. The results of the study contribute to the ongoing academic discussion about risk disclosure and consent to medical treatment and demonstrate a need for further empirical research in the area. The study also highlights the desirability of clinical medical practice conforming to the tenets of the common law and vice versa.     

How Chinese enterprises live in freedom,competition under the rule of law —on the current changes of Corporate Law and Competition Law in China1

China has thoroughly amended its corporate law and hastens to formulate an anti-monopoly law. To rebound then deny the planned economy once adopted, China firmly practices marketization reform. However, common-recognized rules haven t taken shape without sufficient gaming and, lots of quick introduced legislations are only superficial provisions. As the trend of corporate legal system in developed countries, freedom and responsibility are the two contraries but not contradictory directions during the recent reform of China s corporate law. One is deregulation, e.g., introducing one-person company and the transition from approval system to registration system for the establishment of a company; while the other is adding various provisions of responsibility and liability to the Company Law for controlling shareholders, actual controllers, directors, supervisors and top managers. The Anti-Unfair Competition Law of China not only prescribes unfair competition but also counters monopoly. In general, it mainly focuses on anti-monopoly provisions, to popularize the concept and value of free market, making systematic regulations on any kinds of monopoly. This article reviews its background, process, meaning as well as the problems encountered. As there remains somewhat a mystery that China rapidly develops, it may also reflect a fringe of the reason.     

It is the worst time in living history to be a law graduate: or is it? Does Australia have too many law graduates?

According to the Australian legal profession and media, law schools are producing too many graduates relative to the number of vacancies within the profession. This claim, however, is hardly new. This paper identifies a number of junctions at which there has been concern about the overproduction of law graduates, showing that this discourse appears during periods of major economic stress. It also shows that until the most recent episode of concern, the perception that there are too many law graduates relative to employment opportunities has not been supported by empirical evidence. In the past, the increasing supply of law graduates has been met with increasing demand. However, the legal profession is now facing unprecedented market competition and restructure, and opportunities in the profession for new graduates have declined. This still does not mean that the law schools are producing too many graduates. The current cohort of graduates is likely to continue into a professional occupation, although not necessarily in private legal practice, and there is a lack of lawyers working in disadvantaged communities.     

“Legitimacy” of international law: The source, development and the paths to overcome crisis

The source or basis of the force of international law or legitimacy of international law is a basic issue in international jurisprudence and the heart of controversy among scholars pro and con international law. In the development of the discipline of international law, this issue has been extensively discussed along various academic paths. In the background of globalization, the demonstration on the “legitimacy” of international institutions by the school of international institution in the field of international relations, including the “source of legitimacy”, the acquisition of legitimacy or legalization, and even the “legitimationskrise”, sheds helpful light on further study of the “legitimacy” of international law.     

Comprehensive analysis of the inspection-free system in China: Should it be modified,abolished or left as it is?

In recent years, whether the inspection-free system in China should be kept or abolished has become a focus for the media, the public, academia and administrators. This article aims to discuss the consequences of the inspection-free system. It is found that the inspection-free products are unlikely in high quality, rather an outcome generated by improperly inflating the inspection-free marks through the interactions of administrations, enterprises, consumers, the media and quality indicators. Due to the great difficulty in inspecting product qualities and measuring their potential harm, the implementation of the inspection-free system would adversely affect the product quality monitoring. As a consequence of the short-sighted consideration at formulation of the inspection-free system, it is suggested to get rid of it. In case that the General Administration of Quality Supervision, Inspection and Quarantine of China (“AQSIQ”) prefers to have the current system kept in consideration of promoting the information access and enforcement efficiency, some modifications should be made in terms of punishment measures, product quality supervision and reserved application.     

Empirical assessment of the role of economic analysis in the Russian antitrust: Why is economic analysis used?

Economic analysis is an important tool for the modern antitrust. This article provides an empirical study of its role in the Russian antitrust law enforcement practice in order to answer the following question: Has the understanding of the usefulness and importance of economic analysis in the Russian antitrust been achieved, or has economic analysis been applied formally? The study is based on the sample of official records on published decisions by the Supreme Court of Arbitration of the Russian Federation, created specifically for this research.     

Digital Economy Act 2010: fighting a losing battle? Why the ‘three strikes’ law is not the answer to copyright law's latest challenge

This paper argues that the Digital Economy Act (DEA) 2010, already much delayed in its implementation, is fundamentally flawed in three respects. First, there are internal inconsistencies in the complex provisions to be enacted under secondary legislation. In particular, the problem of relying on Internet Protocol (IP) addresses to identify alleged infringers has proved problematic. Secondly, the proposed measures are disproportionate in terms of the offence and severity of the punishment involving a warning-system leading to possible disconnection from the Internet for copyright infringement. Thirdly, the Act is unlikely to succeed in its central purpose to control unauthorised digital copying because of its technological specificity in a fast moving environment, and a lack of consumer acceptance. Finally, by comparing the treatment of these issues under legislation in other countries, in particular New Zealand, alternative copyright enforcement models are explored.