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Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director, George Stigler, and Ronald Coase. The field uses economics concepts to explain the effects of laws, assess which legal rules are economically efficient, and predict which legal rules will be promulgated. There are two major branches of law and economics; one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance.
In the United States, rent control refers to laws or ordinances that set price controls on the rent of residential housing to function as a price ceiling. More loosely, "rent control" describes several types of price control:
The John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge." The award is named after the American economist John Bates Clark (1847–1938).
David Edward Card is a Canadian-American labour economist and the Class of 1950 Professor of Economics at the University of California, Berkeley, where he has been since 1997. He was awarded half of the 2021 Nobel Memorial Prize in Economic Sciences "for his empirical contributions to labour economics", with Joshua Angrist and Guido Imbens jointly awarded the other half.
The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge, Massachusetts.
Esther Duflo, FBA is a French-American economist currently serving as the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at the Massachusetts Institute of Technology (MIT). In 2019, she was jointly awarded the Nobel Memorial Prize in Economic Sciences alongside Abhijit Banerjee and Michael Kremer "for their experimental approach to alleviating global poverty".
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The Costa–Hawkins Rental Housing Act ("Costa–Hawkins") is a California state law enacted in 1995, placing limits on municipal rent control ordinances. Costa–Hawkins preempts the field in two major ways. First, it prohibits cities from establishing rent control over certain kinds of residential units, such as single-family dwellings, condominiums, and newly constructed apartment units. Second, it prohibits "vacancy control", also called "strict" rent control. The legislation was sponsored by Democratic Senator Jim Costa and Republican Assemblymember Phil Hawkins.
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The 2022 Nobel Memorial Prize in Economic Sciences was divided equally between the American economists Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig "for research on banks and financial crises" on 10 October 2022. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. The Nobel Committee announced the reason behind their recognition, stating:
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The 2020 Nobel Memorial Prize in Economic Sciences was awarded jointly to the American economists Paul Milgrom and Robert B. Wilson "for improvements to auction theory and inventions of new auction formats." According to the Nobel Committee, the recognition was given because "their theoretical discoveries have improved auctions in practice." Furthermore, Secretary Hansson said:
"This year's Laureates, Paul Milgrom and Robert Wilson, have studied how auctions work. They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies. Their discoveries have benefitted sellers, buyers and taxpayers around the world."
References
- 1 2 "Rebecca Diamond". Stanford Graduate School of Business. Retrieved October 23, 2022.
- 1 2 "Rebecca Diamond Recipient of the 2022 Elaine Bennett Research Prize". American Economic Association. Retrieved October 22, 2022.
- ↑ List, John A (July 2020). "NON EST DISPUTANDUM DE GENERALIZABILITY? A GLIMPSE INTO THE EXTERNAL VALIDITY TRIAL" (PDF). NBER Working Paper Series (27535): 30.
- ↑ "Douglas Diamond wins Nobel Prize for research on banks and financial crises | University of Chicago News". news.uchicago.edu. October 10, 2022. Retrieved January 10, 2023.
- ↑ Saito, Shinya (February 3, 2021). "Rebecca Diamond". UH Better Tomorrow Speaker Series. Retrieved October 23, 2022.
- ↑ "The Evidence Against Rent Control". NPR.org. Retrieved October 26, 2022.
- ↑ Brinklow, Adam (November 3, 2017). "Stanford paper says rent control is driving up cost of housing in San Francisco". Curbed SF. Retrieved October 26, 2022.
- ↑ Diamond, Rebecca (October 18, 2018). "What does economic evidence tell us about the effects of rent control?". Brookings. Retrieved October 26, 2022.
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