The Judicial Control of Business: Walton Hamilton, Antitrust, and Chicago

The institutionalist approach to law and economics declined markedly after the Second World War and was replaced by a very different law and economics literature associated with the Chicago School. This literature represented a clear rejection of the institutionalist arguments for more social control and a renewed emphasis on the market and the ability of market forces to generate efficient results. The Chicago School saw government intervention much more as the source of problems rather than the solution. There are, however, links between the Chicago School and the institutionalists. Both contain discussions of court decision-making, both contain important considerations concerning antitrust and patent law, and both deal with issues of agency capture and the use of government regulations as barriers to entry. This Article begins by examining the institutionalist approach to the issues of law and economics, concentrating on the work of Walton Hamilton. Hamilton devoted considerable attention to the issues of judicial decision-making, and to antitrust and patents in particular. He was closely involved in various phases of the New Deal: in the Consumers’ Advisory Board of the National Recovery Administration; in a series of important studies of pricing in a wide variety of markets; and in work with Thurman Arnold on antitrust and patents. The Article will then briefly discuss the Chicago School of law and economics with a concern for both the points of difference and points of contact between the Chicago and institutionalist literatures

The Judicial Control of Business: Walton Hamilton, Antitrust, and Chicago

The institutionalist approach to law and economics declined markedly after the Second World War and was replaced by a very different law and economics literature associated with the Chicago School. This literature represented a clear rejection of the institutionalist arguments for more social control and a renewed emphasis on the market and the ability of market forces to generate efficient results. The Chicago School saw government intervention much more as the source of problems rather than the solution. There are, however, links between the Chicago School and the institutionalists. Both contain discussions of court decision-making, both contain important considerations concerning antitrust and patent law, and both deal with issues of agency capture and the use of government regulations as barriers to entry. This Article begins by examining the institutionalist approach to the issues of law and economics, concentrating on the work of Walton Hamilton. Hamilton devoted considerable attention to the issues of judicial decision-making, and to antitrust and patents in particular. He was closely involved in various phases of the New Deal: in the Consumers’ Advisory Board of the National Recovery Administration; in a series of important studies of pricing in a wide variety of markets; and in work with Thurman Arnold on antitrust and patents. The Article will then briefly discuss the Chicago School of law and economics with a concern for both the points of difference and points of contact between the Chicago and institutionalist literatures

The osteology of Eporeodon socialis Marsh

Professor Marsh established the genus Eporeodon in March, 1875, upon the presence in the skull of prominent auditory bullæ, a larger bodily size, and characteristic of a higher geologic horizon, as distinguished from Merycoidodon….https://elischolar.library.yale.edu/peabody_museum_natural_history_bulletin/1001/thumbnail.jp

Expanding the application of the Eu-oxybarometer to the lherzolitic shergottites and nakhlites: Implications for the oxidation state heterogeneity of the Martian interior

Experimentally rehomogenized melt inclusions from the nakhlite Miller Range 03346 (MIL 03346) and the lherzolitic shergottite Allan Hills 77005 (ALH 77005) have been analyzed for their rare earth element (REE) concentrations in order to characterize the early melt compositions of these Martian meteorites and to calculate the oxygen fugacity conditions they crystallized under. D(Eu/Sm)pyroxene/melt values were measured at 0.77 and 1.05 for ALH 77005 and MIL 03346, respectively. These melts and their associated whole rock compositions have similar REE patterns, suggesting that whole rock REE values are representative of those of the early melts and can be used as input into the pyroxene Eu-oxybarometer for the nakhlites and lherzolitic shergottites. Crystallization fO_2 values of IW + 1.1 (ALH 77005) and IW + 3.2 (MIL 03346) were calculated. Whole rock data from other nakhlites and lherzolitic shergottites was input into the Eu-oxybarometer to determine their crystallization fO_2 values. The lherzolitic shergottites and nakhlites have fO_2 values that range from IW + 0.4 to 1.6 and from IW + 1.1 to 3.2, respectively. These values are consistent with some previously determined fO_2 estimates and expand the known range of fO_2 values of the Martian interior to four orders of magnitude. The origins of this range are not well constrained. Possible mechanisms for producing this spread in fO_2 values include mineral/melt fractionation, assimilation, shock effects, and magma ocean crystallization processes. Mineral/melt partitioning can result in changes in fO_2 from the start to the finish of crystallization of 2 orders of magnitude. In addition, crystallization of a Martian magma ocean with reasonable initial water content results in oxidized, water-rich, late-stage cumulates. Sampling of these oxidized cumulates or interactions between reduced melts and the oxidized material can potentially account for the range of fO_2 values observed in the Martian meteorites

Experimental Study of Lunar and SNC Magmas

The research described in this progress report involved the study of petrological, geochemical and volcanic processes that occur on the Moon and the SNC parent body, generally accepted to be Mars. The link between these studies is that they focus on two terrestrial-type parent bodies somewhat smaller than earth, and the fact that they focus on the role of volatiles in magmatic processes and on processes of magma evolution on these planets. The work on the lunar volcanic glasses has resulted in some exciting new discoveries over the years of this grant. We discovered small metal blebs initially in the Al5 green glass, and determined the significant importance of this metal in fixing the oxidation state of the parent magma (Fogel and Rutherford, 1995). More recently, we discovered a variety of metal blebs in the Al7 orange glass. Some of these Fe-Ni metal blebs were in the glass; others were in olivine phenocrysts. The importance of these metal spheres is that they fix the oxidation state of the parent magma during the eruption, and also indicate changes during the eruption (Weitz et al., 1997) They also yield important information about the composition of the gas phase present, the gas which drove the lunar fire-fountaining. One of the more exciting and controversial findings in our research over the past year has been the possible fractionation of H from D during shock (experimental) of hornblende bearing samples (Minitti et al., 1997). This research is directed at explaining some of the low H2O and high D/H observed in hydrous phases in the SNC meteorites

Experimental study of lunar and SNC (Mars) magmas

The overall objectives of this research were to evaluate the role of C-O-S-Cl degassing processes in explaining vesiculation, oxidation state and fire-fountaining of lunar magmas by analysis of individual lunar glass spherules, and by experimental determination of equilibrium abundances and diffusion rates of C, S and Cl melt species in lunar glass compositions; and to determine possible primitive SNC magma compositions and the mineralogy of the mantle from which they were derived, and to evaluate P, T, XH2O etc. conditions at which they crystallize to form the SNC meteorites. After funding for one year, a project on the A15 volcanic green glass has been completed to the point of writing a first manuscript. Carbon-oxygen species C-O and CO2 are below detection limits (20 ppm) in these glasses, but there is up to 500 ppm S with concentrations both increasing and decreasing toward the spherule margins. Calculations and modeling indicate that C species could have been present in the volcanic gases, however. In a second project, experiments with low PH2O have resulted in refined estimates of the early intercumulus melt composition in the Chassigny meteorite which is generally accepted as a sample from Mars

Igneous Rocks of Northern Rhode Island

Guidebook to geologic field studies in Rhode Island and adjacent areas: The 73rd annual meeting of the New England Intercollegiate Geological Conference, October 16-18, 1981: Trip B-

The development of American institutional economics

Institutional economics is a particularly ill-defined concept, and a great deal of disagreement surrounds its meaning. Both the nature and development of institutional economics have been the subject of dispute for some sixty years; even those who claim to be institutionalists do not always agree on these issues. This thesis is an examination of the development and nature of American institutionalism. It proceeds through a detailed study of the intellectual currents in nineteenth century America which gave rise to the movement, and the work of those writers generally accepted as institutionalists. Most attention is given to T. Veblen, W.H. Hamilton, W.C. Mitchell, J.R. Commons, R.G. Tugwell, and C.E. Ayres. It is argued that institutionalism grew out of the impact of evolutionism and historicism in American thought. These factors resulted in the development of the "new school” of German influenced scholars, the work of Thorstein Ueblen, and the rise of pragmatism. Institutionalism is a combination of Ueblenism, pragmatism, and the ideas of new school writers such as R.T. Ely and H.C. Adams. The examination of the work of the major institutionalists reveals that while they do share a core of very general methodological and economic views, there are a number of points of significant variation. It is also noticeable that the economic theories that institutionalism contains are not rigorously developed and contain many weaknesses. The thesis contends that institutionalism can best be seen as a broad movement containing within itself a number of distinguishable “wings,” “groups,” or traditions.” Its failure to develop a greater degree of coherence and more satisfactory theoretical ideas is attributed to the problems inherent in the epistemological and methodological positions adopted by its members

Wesley Mitchell: Institutions and Quantitative Methods

This article examines the link between W. C. Mitchell's quantitative methodology and his attachment to institutionalism. It is argued that, for Mitchell, quantitative analysis was an approach to an institutional economics, and that his methodological ideas were developed as much from his rejection of orthodox psychologism as from his more general views on the nature of science. In addition, it is shown that the difficulties and paradoxes in Mitchell's methodological work stem from his search for a more critical method together with his failure to entirely reject justificationist ideas.