Introduction: The Debate Over Independent Agencies in Light of Empirical Evidence

Constitutional theory has rediscovered the problem of governmental structure. As the rights revolution has matured and entered the mainstream, the debate is returning to the question that preoccupied the Founding Fathers: what organization of government is most likely to establish justice, promote the general welfare, provide for the common defense, and secure the blessings of liberty? The overriding contemporary problem is how to treat the administrative state

Three myths about central banks

Do central banks control the business cycle? Should price stability be their only monetary policy goal? Do politicians give up a degree of power and gain nothing personally when they grant central banks independence? This Commentary argues that none of these widely held notions is true. The Commentary is based on a speech presented to participants at the conference on the Origins and Evolution of Central Banking, sponsored by the Central Bank Institute of the Federal Reserve Bank of Cleveland, in May 2001.Banks and banking, Central

Nonpecuniary Class Action Settlements

Miller and Singer offer a theoretical and empirical analysis of nonpecuniary class action settlements, including coupons, securities and fluid recoveries

The Legal Function of Ritual

This Article offers a theory of ritual as social control. It argues that an important function of rituals is to align personal identities with social roles. The celebratory aspect of rituals reflects the sense of felicity that accompanies the successful alignment of identity and role. Violence in ritual reflects the fact that the alignment of identity and role is compulsory and often imposes significant costs on personal autonomy. Within the framework of this theory, rituals can be classed into three general types: rituals of reformation (e.g., marriage, initiation, and installation) help align identity and role; rituals of renewal (e.g., religious services, patriotic ceremonies, and sacrifice) act as booster shots to maintain the alignment; and rituals of reformation (e.g., purification, confession, and cure) act to restore the connection once it has broken down. This Article analyzes rituals within a broader framework of social control including laws and norms. It conjectures that societies will tend, in general, to make efficient investments in each of these approaches. Societies that expend the most resources on ritual are likely to be small, homogenous, and tight knit; insulated from technological change; or politically undeveloped