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Svetozar Pejovich and Enrico Colombatto

testable implication is that non-owned assets are overused and underproduced. Suppose, in contrast, that John owns a tree. Driven by his self-interest, John seeks to maximize his returns from that assert. The issue facing the owner is 92 Transformation of the medieval community into modern society when is the best time to cut the tree and sell it to the lumberyard. The optimal time for cutting the tree depends on the relationship between the annual increment in the value of lumber in the live tree and the prevailing rate of interest from cutting the tree. As long

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Svetozar Pejovich and Enrico Colombatto

a moral system. They were apprehensive about freedom of choice, not because of any lack of interest in individual liberty but because of a fear that autonomy of individual choices in the free market does not necessarily generate morally satisfying sets of preferences. Yet the fact is that our values 37 38 Transformation of the medieval community into modern society are formed in various places, such as homes, schools, churches, the streets, our friends, the media and the like, and are merely revealed in the free market. Suppressing freedom of choice does not

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Heath Pearson

elsewhere, had rather to be understood as ‘the positive, clear, universal norms in which freedom has acquired an impersonal, theoretical existence independent of the arbitrariness of the individual’ (Marx, 1842b, p. 162). By contrast, private interest - the stuff of political economy and of civil society itself - was ‘by its very nature blind, immoderate, one-sided; in short, it is lawless natural instinct, and can lawlessness lay down laws? Private interest is no more made capable of legislating by being installed on the throne of the legislator than a mute is made

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Giampaolo Frezza and Francesco Parisi

examination. This was La Rendita fondiaria e la sua elisione naturale (Income from Property and its Natural Annulment) Milan: Hoelpi, 1880. His ample scientific work is concentrated in the following research areas: Economic studies Loria’s economic studies are remarkable in the Analisi della proprietci capitalista (Analysis of Capitalist Property), Turin, 1899; Le leggi di popolazione e il sistema sociale (The Laws of Population and the Social System), Siena, 1882; Carlo Darwin e l’economia politica (Charles Darwin and the Political Economy), Milan, 1884; La terra ed il

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Giampaolo Frezza and Francesco Parisi

28 Augusto Graziani (1865-1944) Giampaolo Frezza and Francesco Parisi Introduction The work of the Italian scholar Augusto Graziani anticipates in many respects some insights of modern law and economics and institutional theory. With extremely clear argument, it focuses on the link between economics and legal studies. In the view of Graziani, such a link is twofold. To identify and exemplify laws independent of their natural development and of any formal qualification of them - a particular need in the fundamental works under study here - Graziani illustrates

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Richard E. Wagner

system all parents would treat all children equally. The problem with this alternative, Aristotle noted in his Politics, was that all parents would treat all children with equal indifference. As Aristotle summarized, ‘it is better to be own cousin to a man than to be his son after the Platonic fashion’. For children to be raised with parental interest and not indifference, it is necessary to call upon the natural partiality of parents for their own children. The Platonic scheme may well reduce the variability among the members of a particular generation that arises

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Nicholas Mercuro, Steven G. Medema and Warren J. Samuels

Harvard Langdellian legal education still held sway, allowing Powell to argue that (1) the case method of teaching law was the way to develop the ability to think and (2) judicial opinions should satisfy the mind of the trained observer - the law school professor. The major focus of Powell’s interest was the study of the constitutional problems arising out of the federal system and, in addressing these problems, he was always working to explicate the determinative role of judges’ personal values and attitudes. He admonished the judges to stop taking refuge behind

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Heinz Grossekettler

by means of overseas borrowing. The second to fourth editions of von Stein’s manual on public finance contain an embryonic form of this rule, namely the aforementioned judgment on a state without a national debt. The interest cost minimization rule aims - as the name suggests - at minimizing the state’s interest costs. Stein says that the interest rate at which a state can run up debts depends, among other things, on how other countries judge its creditworthiness. He adds that its position in the international rating order is influenced to a very large extent by

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Erich Streissler

substitutive macroeconomic production function: Roscher says slave labour in antiquity is cheap labour; therefore there is no incentive to substitute capital for labour (numerous examples are given); consequently, capital is not accumulated, credit is not developed and the rate of interest remains high; therefore the ‘third stage’, which depends on a large accumulation of capital, is never reached. Slavery is thus explicitly less the consequence than the cause of a low stage of economic development. If, on the other hand, capital accumulation takes place, together with

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Francesco Parisi and Giampaolo Frezza

and natural human sentiment: the accused has the best possible reason to lie because telling the truth could lead to his destruction. Thus the author affirms: Experience has shown how useless oaths are. Any judge will testify that no oath has ever made a guilty man tell the truth, and so does reason, which rules that every law which runs counter to men’s natural feelings is useless and therefore pernicious. Such laws share the fate of dykes which are built straight in the line of a river’s flow: they are either flattened and engulfed straight away, or they are