Solutions to Rent-Seeking Research Paper Example | Topics and Well Written Essays - 3500 words

Solutions to Rent-Seeking - Research Paper Example Third, NIE is reform oriented, seeking to change the institutions that it studies and through them the greater society at large. Different from other socio-cultural philosophies, NIE seeks validity in judgment through cost/benefit and traditional economic methods based in statistics. Whereas traditional economics may be considered the logic of the status quo in modern society, NIE retains a challenging and critical force using economic theory and analysis to promote reform or change in institutions. The institutions themselves may be public, private, corporate, governmental, educational, non-profit- all can be analyzed equally through the principles of NIE and from this research change in business practices, governmental policies, and industry regulation may result. Arguably, this is the positive social role for economics in modern societies, and contextualizes NIE in a relationship with a progressive view of society and societal evolution. The foundational research for NIE was conducted by Ronald Coase, Douglass North, and Oliver Williamson. â€Å"Institutions frame behaviors and exchanges in markets, business networks, communities, and organizations throughout the world†¦ The fast-growing field of ‘new institutional economics’ (NIE) analyzes the economics of institutions and organizations using methodologies from a wide range of disciplines (including political science, anthropology, sociology, management, law, and economics).† (Brousseau & Galachant, 2008) Having defined New Institutional Economics, this essay will examine the work of Ronald Coase as paradigmatic of the NIE school of thought, and show how it creates the ground for Gordon Tullock’s research on rent seeking. From this basis, the essay will examine current events as transpired with the recent â€Å"Wall St. Bailout,† estimated to have cost the U.S. taxpayers between $4 and $15 trillion

Analysis Cases In Arbitration Research Paper Example | Topics and Well Written Essays - 3250 words

Analysis Cases In Arbitration - Research Paper Example The U.S. Court of Appeals had declined to reassess the decision made by the en banc on February 1, 2012, in the case of Italian Colors Restaurant v. AET Related Services Co. Owing to this reason, the Supreme Court of the US is quite likely to be requested to revisit the issue related to class action waivers in the arbitration agreement by the US Court of Appeals. The dispute arose because of the fact that the Second Circuit denied offering an en banc rehearing. The chief judge, as well as four other judges, asserted that the case must be reheard which led to splits among the judges grounded on the protest that the Ninth Circuit was not being followed. In Italian Colors, it can be observed that the Second Circuit panel did not impose the class action waiver in relation to AE arbitration agreement considering that it would prevent the claimant from impeaching its federal antitrust claims. In the complaint, the Plaintiff claimed that the merchant contract disobeyed the SA. The merchant contract comprised of the arbitration provision that needed all claims that arose from agreement to be decided by means of arbitration. The SC on remand will face the concern of whether class-action waivers in case of arbitration agreements are unconscionable just because they prevent disputes from being resolved by ways of class proceedings. In an order list that was published within a week after the decision, it was found that the Supreme Court provided a writ of certiorari and thus evacuated and remanded the case of AE v. ICR.merican Express v. Italian Colors Restaurant. The court further ordered the Second Circuit to reassess its decision in relation to the unenforceability of class-action waiver in light of the Stolt-Nielsen opinion (Consumer Financial Service Group, â€Å"Second Circuit Splits with Ninth Circuit on Enforcement of Class Action