contract
Smart Contracts Are Shifting Property Rights and Risk
In a forthcoming paper in the Yale Journal on Regulation, Stefan Bechtold, Giuseppe Dari-Mattiacci, Edoardo Martino, and Gideon Parchomovsky examine how smart contracts are transforming financial contracting by creating enforceable rights that bind third parties without the legal formalities property law has always required. This “property without law” phenomenon enhances financial efficiency while exposing the public to systemic risks beyond the reach of existing regulation.
There Is a Direct Line from Milton Friedman to Donald Trump’s Assault on Democracy
Milton Friedman believed that corporations have a social responsibility to play within the rules of the game. But corporations aren’t just players of the...
Market Forces Already Address ESG Issues and the Issues Raised by Stakeholder Capitalism
When do market forces push firms toward stakeholder goals, rather than just shareholder goals? When do market forces push firms toward ESG goals? When...
With the Court Approval of the T-Mobile/Sprint Merger, the Dominant Doctrine in Antitrust Has Jumped the Shark
New York Judge Victor Marrero allowed two major mobile companies to merge in an already concentrated telecom industry, ensuring that prices will rise and...
