Watch this 4-minute video:
Why Humans Invented Law
Listen to the 1-hour EconTalk podcast withGillian Hadfield discussing Law and Rules For a Flat World.
After watching this video and listening to the podcast complete the following questions. Clearly label each of your questions "1", "2", "3", and "4" in your responses. (I will not grade answers that do not indicate question numbers in them.) Each of these four responses should be a minimum of 100 words each.
1. Why do we need to "reinvent the law," according to Hadfield, and what does she suggest such a reinvention might entail?
2. What is "super-regulation" and how might this allow regulatory regimes to be more innovative? Why does Roberts suggest that this idea has a marketing problem? Do you think this problem is surmountable? Why or why not?
3. How do "certification regimes" (such as for Kosher food and organic products) differ from Hadfield's "super-regulatory" structure? Which would be better equipped to manage the future of autonomous vehicles, and why?
4. Why does Hadfield assert that the US legal infrastructure would be better served if the legal profession were structured more like the medical profession? To what extent do you agree, and why?
Read Ronald Coase's paper "The Problem of Social Cost".
Explain the paper in your own words, summarizing key points of the paper and your reactions to it. Your answer should give sufficient evidence that you have read the entire paper. (Minimum 250 words.)
Assume the following facts are true of Marymount students:
55% of students in economics classes are female and 45% are male
75% of Marymount students are female and 25% are male
The average height of a female student is 64 inches and a male is 70 inches
What is the expected height (in inches) of a student walking through the door of into our Law and Economics class?
You are thinking of starting a business that will cost you $15,000 to set-up. There is a 40% your business will take-off and you will earn $50,000 in revenue. There is a 30% no one will want to buy your product and you will earn $0 in revenue.
There is a 10% chance your business will land you in major legal trouble and you will lose $100,000 paying legal fees and damages.
What is the expected value (in dollars) of your business?