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The first Wisconsin Ph.D.s who came to MSU with an institutional bent were agricultural economists and included Henry Larzalere (Ph.D. 1938) whose major professor was…
The first Wisconsin Ph.D.s who came to MSU with an institutional bent were agricultural economists and included Henry Larzalere (Ph.D. 1938) whose major professor was Asher Hobson. Larzalere recalls the influence of Commons who retired in 1933. Upon graduation, Larzalere worked a short time for Wisconsin Governor Phillip Fox LaFollette who won passage of the nation’s first unemployment compensation act. Commons had earlier helped LaFollette’s father, Robert, to a number of institutional innovations.4 Larzalere continued the Commons’ tradition of contributing to the development of new institutions rather than being content to provide an efficiency apologia for existing private governance structures. He helped Michigan farmers form cooperatives. He taught land economics prior to Barlowe’s arrival in 1948, but primarily taught agricultural marketing. One of his Master’s degree students was Glenn Johnson (see below). Larzalere retired in 1977.
In 1959, Al Schmid joined the faculty at Michigan State, where he taught in the Department of Agricultural Economics until his retirement as a University Distinguished…
In 1959, Al Schmid joined the faculty at Michigan State, where he taught in the Department of Agricultural Economics until his retirement as a University Distinguished Professor in 2007. Over the course of his long career, Schmid authored eight books and more than a hundred journal articles, monographs, and book chapters. He also lectured and consulted extensively, in Michigan, across the United States, and abroad (including Mali, Zimbabwe, France, and Romania).3
I. Introduction to the Study of the Economic Role of Government: Alternative Approaches to Law and Economics
The first contribution to this section is by Richard Schmalensee titled “Thoughts on the Chicago school legacy in U.S. antitrust.” It appears the purpose of this essay is…
The first contribution to this section is by Richard Schmalensee titled “Thoughts on the Chicago school legacy in U.S. antitrust.” It appears the purpose of this essay is to set up a target for the rest of the contributors to shoot at – a target that is emphatically pro-Chicago. In his essay, Schmalensee reviews some of the aspects of U.S. antitrust policy that outraged Chicago school lawyers and economists in the 1970s. He takes a brief look at some of Chicago's subsequent victories that he claims are now generally accepted as positive changes. And finally, he argues that some of Chicago's lost battles also constitute positive aspects of its legacy. His discussion is focused on four broad issues: the objectives of antitrust, the past policy toward “no-fault” concentration, the treatment of productive efficiency, and the evaluation of non-standard business conduct (pp. 11–12).
Charles K. Rowley's thin chapter is titled “An Intellectual History of Law and Economics: 1739–2003.” I say thin in the sense that, by my calculation, for the dates it…
Charles K. Rowley's thin chapter is titled “An Intellectual History of Law and Economics: 1739–2003.” I say thin in the sense that, by my calculation, for the dates it purports to describe, it covers about one decade of history per page. Perhaps “accelerated” might better capture its essence. Overall it is an adequate outline of the history of Chicago law and economics (with some notable exceptions). To his credit (unlike most of the other chapters in this book), perhaps because, as its co-editor and probably responsible for the title of the book, he (like Posner) does actually include a nice discussion of those who were part of the “origins of law and economics.” The chapter does have two major flaws. First, for some odd reason, he chooses to challenge the well-accepted moniker—legal realist movement—and invokes the “legal realist mood” and then tries (awkwardly) to maintain the “mood-spin” within his descriptive analysis—it just sounds silly. One wonders, who (other than he) even thinks to raise the question as whether the legal realists were a “movement” or a “mood.” Surely not Edmund Kitch, one of the mainstays of Chicago law and economics and a contributor to his volume. Kitch does not buy into Rowley's spin; like all other scholars who write on legal realism (both in and out of the field of law and economics), in the forward to his chapter, Kitch follows the legal scholarship and uses the widely accepted—legal realist “movement” (p. 54).