By Irwin M. Stelzer
For a few years, Dr Irwin Stelzer, the commercial commentator and journalist, has been stimulating audiences world wide with lectures on various fiscal issues. during this quantity, the IEA reprints revised types of twelve lectures in 3 components the place Dr Stelzer is said as a professional - pageant coverage and the shape it may take; the correct position of legislation in aggressive and monopolised markets; and the content material of strength and environmental guidelines. The essays include many optimistic proposals for extending the succeed in of aggressive markets and so they comprehensively refute a few significant monetary fallacies. this can be a stimulating selection of rules from one of many optimal monetary commentators of the day.
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Extra info for Lectures on Regulatory & Competition Policy (Occasional Paper, 120)
A second problem one faces in urging Europeans to consider permitting private treble-damage actions is that, in order to be effective, that remedy should be coupled with permission for counsel to accept assignments with the fee contingent upon the outcome. * But how else is the penurious plaintiff, unable to finance a lawsuit, to obtain able representation? The somewhat snobbish attitude of old-line American law firms towards the practice is diminishing somewhat, because it has become more respectable for large, blue-chip corporate clients – and, therefore, large, blue-blooded corporate law firms – to be plaintiffs in antitrust proceedings, because even large corporations are trying to develop lower-cost litigation techniques, and because law firms now must compete more vigorously for business, both with other law firms and with in-house law departments.
This is so partly because, as Professor Baumol has pointed out, managers will at times prefer to maximise gross sales rather than net profits. It is so also because Berle and Means were right in suggesting that managers, often beyond the reach of the shareholder-owners of the business, may have objectives of their own that have little to do with profit maximisation. Indeed, as Alfred Kahn has pointed out, it is the Chicagoans who argue – correctly, in my view – that corporate raiders perform a valuable economic function because managements so often fail to adopt that mix of pricing and other practices that would maximise the current discounted values of future revenue streams.
H. Robertson pointed out over 65 years ago, ‘The Theory of Economics . . ’60 This should come as no surprise to even the most casual readers of the financial press. ). They cannot define ‘money’, and don’t know whether higher interest rates restrain inflation by discouraging spending, or accelerate it by raising costs and by encouraging higher wage demands. They can’t even decide whether government revenue can be increased by raising taxes, or by lowering them. Yet when the context is litigation, or in this country the variety of informal proceedings that substitute for that much-despised American art form, all of that is ignored.