In this timely book, the first comprehensive study of the modern American public intellectual--that individual who speaks to the public on issues of political or ideological moment--Richard Posner charts the decline of a venerable institution that included worthies from Socrates to John Dewey. With the rapid growth of the media in recent years, highly visible forums for discussion have multiplied, while greater academic specialization has yielded a growing number of narrowly trained scholars. Posner tracks these two trends to their inevitable intersection: a proliferation of modern academics commenting on topics outside their ken. The resulting scene--one of off-the-cuff pronouncements, erroneous predictions, and ignorant policy proposals--compares poorly with the performance of earlier public intellectuals, largely nonacademics whose erudition and breadth of knowledge were well suited to public discourse. Leveling a balanced attack on liberal and conservative pundits alike, Posner describes the styles and genres, constraints and incentives, of the activity of public intellectuals. He identifies a market for this activity--one with recognizable patterns and conventions but an absence of quality controls. And he offers modest proposals for improving the performance of this market--and the quality of public discussion in America today. This paperback edition contains a new preface and and a new epilogue.
For Richard Posner, legal formalism and formalist judges--notably Antonin Scalia--present the main obstacles to coping with the dizzying pace of technological advance. Posner calls for legal realism--gathering facts, considering context, and reaching a sensible conclusion that inflicts little collateral damage on other areas of the law.
The most exciting development in legal thinking since World War II has been the growth of interdisciplinary legal studies. Judge Richard Posner has been a leader in this movement, and his new book explores its rapidly expanding frontier.
A distinguished and experienced appellate court judge, Richard A. Posner offers in this new book a unique and, to orthodox legal thinkers, a startling perspective on how judges and justices decide cases. When conventional legal materials enable judges to ascertain the true facts of a case and apply clear pre-existing legal rules to them, Posner argues, they do so straightforwardly; that is the domain of legalist reasoning. However, in non-routine cases, the conventional materials run out and judges are on their own, navigating uncharted seas with equipment consisting of experience, emotions, and often unconscious beliefs. In doing so, they take on a legislative role, though one that is confined by internal and external constraints, such as professional ethics, opinions of respected colleagues, and limitations imposed by other branches of government on freewheeling judicial discretion. Occasional legislators, judges are motivated by political considerations in a broad and sometimes a narrow sense of that term. In that open area, most American judges are legal pragmatists. Legal pragmatism is forward-looking and policy-based. It focuses on the consequences of a decision in both the short and the long term, rather than on its antecedent logic. Legal pragmatism so understood is really just a form of ordinary practical reasoning, rather than some special kind of legal reasoning. Supreme Court justices are uniquely free from the constraints on ordinary judges and uniquely tempted to engage in legislative forms of adjudication. More than any other court, the Supreme Court is best understood as a political court.
In this book, one of our country’s most distinguished scholar-judges shares with us his vision of the law. For the past two thousand years, the philosophy of law has been dominated by two rival doctrines. One contends that law is more than politics and yields, in the hands of skillful judges, correct answers to even the most difficult legal questions; the other contends that law is politics through and through and that judges wield essentially arbitrary powers. Rejecting these doctrines as too metaphysical in the first instance and too nihilistic in the second, Richard Posner argues for a pragmatic jurisprudence, one that eschews formalism in favor of the factual and the empirical. Laws, he argues, are not abstract, sacred entities, but socially determined goads for shaping behavior to conform with society’s values. Examining how judges go about making difficult decisions, Posner argues that they cannot rely on either logic or science, but must fall back on a grab bag of informal methods of reasoning that owe less than one might think to legal training and experience. Indeed, he reminds us, the greatest figures in American law have transcended the traditional conceptions of the lawyer’s craft. Robert Jackson did not attend law school and Benjamin Cardozo left before getting a degree. Holmes was neither the most successful of lawyers nor the most lawyerly of judges. Citing these examples, Posner makes a plea for a law that frees itself from excessive insularity and takes all knowledge, practical and theoretical, as grist for its mill. The pragmatism that Posner espouses implies looking at problems concretely, experimentally, without illusions, with an emphasis on keeping diverse paths of inquiry open, and, above all, with the insistence that social thought and action be evaluated as instruments to desired human goals rather than as ends in themselves. In making his arguments, he discusses notable figures in jurisprudence from Antigone to Ronald Dworkin as well as recent movements ranging from law and economics to civic republicanism, and feminism to libertarianism. All are subjected to Posner’s stringent analysis in a fresh and candid examination of some of the deepest problems presented by the enterprise of law.
Law and Literature is the only book-length treatment of a widely popular subject that is drawing considerable academic attention. Leading legal scholar Richard Posner believes that courses and scholarship in law and literature provide an attractive alternative to courses and scholarship in jurisprudence (philosophy of law), especially since the study of literature can assist lawyers and judges by sharpening their rhetorical skills. The revised edition features considerable new material, including a consideration of plagiarism as well as discussions of novels that grapple with issues very pertinent today, such as illegal immigration, global warming, bioterrorism, surveillance, artificial reproduction, and virtual reality. Posner also discusses the role of the law in popular literature, movies, and television.
Following up on his timely and well-received book, A Failure of Capitalism, Richard Posner steps back to take a longer view of the continuing crisis of democratic capitalism as the American and world economies crawl gradually back from the depths to which they had fallen in the autumn of 2008 and the winter of 2009. By means of a lucid narrative of the crisis and a series of analytical chapters pinpointing critical issues of economic collapse and gradual recovery, Posner helps non-technical readers understand business-cycle and financial economics, and financial and governmental institutions, practices, and transactions, while maintaining a neutrality impossible for persons professionally committed to one theory or another. He calls for fresh thinking about the business cycle that would build on the original ideas of Keynes. Central to these ideas is that of uncertainty as opposed to risk. Risk can be quantified and measured. Uncertainty cannot, and in this lies the inherent instability of a capitalist economy. As we emerge from the financial earthquake, a deficit aftershock rumbles. It is in reference to that potential aftershock, as well as to the government's stumbling efforts at financial regulatory reform, that Posner raises the question of the adequacy of our democratic institutions to the economic challenges heightened by the greatest economic crisis since the Great Depression. The crisis and the government's energetic response to it have enormously increased the national debt at the same time that structural defects in the American political system may make it impossible to pay down the debt by any means other than inflation or devaluation.
A liberal state is a representative democracy constrained by the rule of law. Richard Posner argues for a conception of the liberal state based on pragmatic theories of government. He views the actions of elected officials as guided by interests rather than by reason and the decisions of judges by discretion rather than by rules. He emphasizes the institutional and material, rather than moral and deliberative, factors in democratic decision making. Posner argues that democracy is best viewed as a competition for power by means of regular elections. Citizens should not be expected to play a significant role in making complex public policy regarding, say, taxes or missile defense. The great advantage of democracy is not that it is the rule of the wise or the good but that it enables stability and orderly succession in government and limits the tendency of rulers to enrich or empower themselves to the disadvantage of the public. Posner’s theory steers between political theorists’ concept of deliberative democracy on the left and economists’ public-choice theory on the right. It makes a significant contribution to the theory of democracy—and to the theory of law as well, by showing that the principles that inform Schumpeterian democratic theory also inform the theory and practice of adjudication. The book argues for law and democracy as twin halves of a pragmatic theory of American government.
President Bill Clinton’s year of crisis, which began when his affair with Monica Lewinsky hit the front pages in January 1998, engendered a host of important questions of criminal and constitutional law, public and private morality, and political and cultural conflict. In a book written while the events of the year were unfolding, Richard Posner presents a balanced and scholarly understanding of the crisis that also has the freshness and immediacy of journalism. Posner clarifies the issues and eliminates misunderstandings concerning facts and the law that were relevant to the investigation by Independent Counsel Kenneth Starr and to the impeachment proceeding itself. He explains the legal definitions of obstruction of justice and perjury, which even many lawyers are unfamiliar with. He carefully assesses the conduct of Starr and his prosecutors, including their contacts with the lawyers for Paula Jones and their hardball tactics with Monica Lewinsky and her mother. He compares and contrasts the Clinton affair with Watergate, Iran–Contra, and the impeachment of Andrew Johnson, exploring the subtle relationship between public and private morality. And he examines the place of impeachment in the American constitutional scheme, the pros and cons of impeaching President Clinton, and the major procedural issues raised by both the impeachment in the House and the trial in the Senate. This book, reflecting the breadth of Posner’s experience and expertise, will be the essential foundation for anyone who wants to understand President Clinton’s impeachment ordeal.
Sexual drives are rooted in biology, but we don’t act on them blindly. Indeed, as the eminently readable judge and legal scholar Richard Posner shows, we make quite rational choices about sex, based on the costs and benefits perceived. Drawing on the fields of biology, law, history, religion, and economics, this sweeping study examines societies from ancient Greece to today’s Sweden and issues from masturbation, incest taboos, date rape, and gay marriage to Baby M. The first comprehensive approach to sexuality and its social controls, Posner’s rational choice theory surprises, explains, predicts, and totally absorbs.
On December 5, 2004, the still-developing blogosphere took one of its biggest steps toward mainstream credibility, as Nobel Prize–winning economist Gary S. Becker and renowned jurist and legal scholar Richard A. Posner announced the formation of the Becker-Posner Blog. In no time, the blog had established a wide readership and reputation as a reliable source of lively, thought-provoking commentary on current events, its pithy and profound weekly essays highlighting the value of economic reasoning when applied to unexpected topics. Uncommon Sense gathers the most important and innovative entries from the blog, arranged by topic, along with updates and even reconsiderations when subsequent events have shed new light on a question. Whether it’s Posner making the economic case for the legalization of gay marriage, Becker arguing in favor of the sale of human organs for transplant, or even the pair of scholars vigorously disagreeing about the utility of collective punishment, the writing is always clear, the interplay energetic, and the resulting discussion deeply informed and intellectually substantial. To have a single thinker of the stature of a Becker or Posner addressing questions of this nature would make for fascinating reading; to have both, writing and responding to each other, is an exceptionally rare treat. With Uncommon Sense, they invite the adventurous reader to join them on a whirlwind intellectual journey. All they ask is that you leave your preconceptions behind.
Judges and legal scholars talk past one another, if they have any conversation at all. Academics criticize judicial decisions in theoretical terms, which leads many judges to dismiss academic discourse as divorced from reality. Richard Posner reflects on the causes and consequences of this widening gap and what can be done to close it.
Legal theory must become more factual and empirical and less conceptual and polemical, Richard Posner argues in this wide-ranging new book. The topics covered include the structure and behavior of the legal profession; constitutional theory; gender, sex, and race theories; interdisciplinary approaches to law; the nature of legal reasoning; and legal pragmatism. Posner analyzes, in witty and passionate prose, schools of thought as different as social constructionism and institutional economics, and scholars and judges as different as Bruce Ackerman, Robert Bork, Ronald Dworkin, Catharine MacKinnon, Richard Rorty, and Patricia Williams. He also engages challenging issues in legal theory that range from the motivations and behavior of judges and the role of rhetoric and analogy in law to the rationale for privacy and blackmail law and the regulation of employment contracts. Although written by a sitting judge, the book does not avoid controversy; it contains frank appraisals of radical feminist and race theories, the behavior of the German and British judiciaries in wartime, and the excesses of social constructionist theories of sexual behavior. Throughout, the book is unified by Posner's distinctive stance, which is pragmatist in philosophy, economic in methodology, and liberal (in the sense of John Stuart Mill's liberalism) in politics. Brilliantly written, eschewing jargon and technicalities, it will make a major contribution to the debate about the role of law in our society.
A concise, lively, and bracing exploration of an issue bedeviling our cultural landscape–plagiarism in literature, academia, music, art, and film–by one of our most influential and controversial legal scholars. Best-selling novelists J. K. Rowling and Dan Brown, popular historians Doris Kearns Goodwin and Stephen Ambrose, Harvard law professor Charles Ogletree, first novelist Kaavya Viswanathan: all have rightly or wrongly been accused of plagiarism–theft of intellectual property–provoking widespread media punditry. But what exactly is plagiarism? How has the meaning of this notoriously ambiguous term changed over time as a consequence of historical and cultural transformations? Is the practice on the rise, or just more easily detectable by technological advances? How does the current market for expressive goods inform our own understanding of plagiarism? Is there really such a thing as “cryptomnesia,” the unconscious, unintentional appropriation of another’s work? What are the mysterious motives and curious excuses of plagiarists? What forms of punishment and absolution does this “sin” elicit? What is the good in certain types of plagiarism? Provocative, insightful, and extraordinary for its clarity and forthrightness, The Little Book of Plagiarism is an analytical tour de force in small, the work of “one of the top twenty legal thinkers in America” (Legal Affairs), a distinguished jurist renowned for his adventuresome intellect and daring iconoclasm.
What makes a great judge? How are reputations forged? Why do some reputations endure, while others crumble? And how can we know whether a reputation is fairly deserved? In this ambitious book, Richard Posner confronts these questions in the case of Benjamin Cardozo. The result is both a revealing portrait of one of the most influential legal minds of our century and a model for a new kind of study—a balanced, objective, critical assessment of a judicial career. "The present compact and unflaggingly interesting volume . . . is a full-bodied scholarly biography. . . .It is illuminating in itself, and will serve as a significant contribution."—Paul A. Freund, New York Times Book Review
The 2000 Presidential election ended in a collision of history, law, and the courts. It produced a deadlock that dragged out the result for over a month, and consequences--real and imagined--that promise to drag on for years. In the first in-depth study of the election and its litigious aftermath, Judge Posner surveys the history and theory of American electoral law and practice, analyzes which Presidential candidate ''really'' won the popular vote in Florida, surveys the litigation that ensued, evaluates the courts, the lawyers, and the commentators, and ends with a blueprint for reforming our Presidential electoral practices. The book starts with an overview of the electoral process, including its history and guiding theories. It looks next at the Florida election itself, exploring which candidate ''really'' won and whether this is even a meaningful question. The focus then shifts to the complex litigation, both state and federal, provoked by the photo finish. On the basis of the pragmatic jurisprudence that Judge Posner has articulated and defended in his previous writings, this book offers an alternative justification for the Supreme Court's decision in Bush v. Gore while praising the Court for averting the chaotic consequences of an unresolved deadlock. Posner also evaluates the performance of the lawyers who conducted the post-election litigation and of the academics who commented on the unfolding drama. He argues that neither Gore's nor Bush's lawyers blundered seriously, but that the reaction of the legal professoriat to the litigation exposed serious flaws in the academic practice of constitutional law. While rejecting such radical moves as abolishing the Electoral College or creating a national ballot, Posner concludes with a detailed plan of feasible reforms designed to avoid a repetition of the 2000 election fiasco. Lawyers, political scientists, pundits, and politicians are waiting to hear what Judge Posner has to say. But this book is written for and will be welcomed by all who were riveted by the recent crisis of presidential succession.
In this book Judge Posner focuses on the problems of the pro ses, the people, often prisoners, who bring lawsuits without a lawyer and the staff attorneys who review these lawsuits and make recommendations to the judges on how to decide the cases. He has done extensive research into the procedures of all thirteen circuits and compares their performance. This is the most extensive comparative review of the staff attorney programs in the circuit courts that has ever been done. Judge Posner has many suggestions for improving the way these cases are handled. In addition, he discusses the need for televising the circuit court hearings. He is a believer in government transparency, and feels the public should have easy access to the workings of the courts. Finally, he reviews the duties of the circuit chief judge and recommends clarification of the position.
Drawing on economic and political theory, legal analysis, and his own extensive judicial experience, Posner sketches the history of the federal courts, describes the contemporary institution, appraises concerns that have been expressed with their performance, and presents a variety of proposals for both short-term and fundamental reform.
This is a well edited collection of important papers which will find a home in university libraries throughout the world. the volume stands testimony to the significance of Richard Posner as the leading thinker of the L and E School.' - K. Lawler, Economic Issues the pioneering work of Judge Richard Posner has brought to light the broad relevance of economics to virtually all areas of law. During the last three decades, Judge Posner has provided seminal contributions to the development of an overarching economic theory of law, with applications including traditional legal subjects, such as torts and contracts, as well as non-standard topics, such as his study of primitive law and ancient customs. This selection of Posner's essays reveals the importance of economic efficiency as a driving force in the formation of private law. the rigorous and insightful introduction by Francesco Parisi discusses Posner's unparalleled influence on the evolution of law and economics and the understanding of the economic foundations of private law.
This book takes a fresh look at the most dynamic area of American law today, comprising the fields of copyright, patent, trademark, trade secrecy, publicity rights, and misappropriation. Topics range from copyright in private letters to defensive patenting of business methods, from moral rights in the visual arts to the banking of trademarks, from the impact of the court of patent appeals to the management of Mickey Mouse. The history and political science of intellectual property law, the challenge of digitization, the many statutes and judge-made doctrines, and the interplay with antitrust principles are all examined. The treatment is both positive (oriented toward understanding the law as it is) and normative (oriented to the reform of the law). Previous analyses have tended to overlook the paradox that expanding intellectual property rights can effectively reduce the amount of new intellectual property by raising the creators' input costs. Those analyses have also failed to integrate the fields of intellectual property law. They have failed as well to integrate intellectual property law with the law of physical property, overlooking the many economic and legal-doctrinal parallels. This book demonstrates the fundamental economic rationality of intellectual property law, but is sympathetic to critics who believe that in recent decades Congress and the courts have gone too far in the creation and protection of intellectual property rights. Table of Contents: Introduction 1. The Economic Theory of Property 2. How to Think about Copyright 3. A Formal Model of Copyright 4. Basic Copyright Doctrines 5. Copyright in Unpublished Works 6. Fair Use, Parody, and Burlesque 7. The Economics of Trademark Law 8. The Optimal Duration of Copyrights and Trademarks 9. The Legal Protection of Postmodern Art 10. Moral Rights and the Visual Artists Rights Act 11. The Economics of Patent Law 12. The Patent Court: A Statistical Evaluation 13. The Economics of Trade Secrecy Law 14. Antitrust and Intellectual Property 15. The Political Economy of Intellectual Property Law Conclusion Acknowledgments Index Reviews of this book: Chicago law professor William Landes and his polymath colleague Richard Posner have produced a fascinating new book...[The Economic Structure of Intellectual Property Law] is a broad-ranging analysis of how intellectual property should and does work...Shakespeare's copying from Plutarch, Microsoft's incentives to hide the source code for Windows, and Andy Warhol's right to copyright a Brillo pad box as art are all analyzed, as is the question of the status of the all-bran cereal called 'All-Bran.' --Nicholas Thompson, New York Sun Reviews of this book: Landes and Posner, each widely respected in the intersection of law and economics, investigate the right mix of protection and use of intellectual property (IP)...This volume provides a broad and coherent approach to the economics and law of IP. The economics is important, understandable, and valuable. --R. A. Miller, Choice Intellectual property is the most important public policy issue that most policymakers don't yet get. It is America's most important export, and affects an increasingly wide range of social and economic life. In this extraordinary work, two of America's leading scholars in the law and economics movement test the pretensions of intellectual property law against the rationality of economics. Their conclusions will surprise advocates from both sides of this increasingly contentious debate. Their analysis will help move the debate beyond the simplistic ideas that now tend to dominate. --Lawrence Lessig, Stanford Law School, author of The Future of Ideas: The Fate of the Commons in a Connected World An image from modern mythology depicts the day that Einstein, pondering a blackboard covered with sophisticated calculations, came to the life-defining discovery: Time = $$. Landes and Posner, in the role of that mythological Einstein, reveal at every turn how perceptions of economic efficiency pervade legal doctrine. This is a fascinating and resourceful book. Every page reveals fresh, provocative, and surprising insights into the forces that shape law. --Pierre N. Leval, Judge, U.S. Court of Appeals, Second Circuit The most important book ever written on intellectual property. --William Patry, former copyright counsel to the U.S. House of Representatives, Judiciary Committee Given the immense and growing importance of intellectual property to modern economies, this book should be welcomed, even devoured, by readers who want to understand how the legal system affects the development, protection, use, and profitability of this peculiar form of property. The book is the first to view the whole landscape of the law of intellectual property from a functionalist (economic) perspective. Its examination of the principles and doctrines of patent law, copyright law, trade secret law, and trademark law is unique in scope, highly accessible, and altogether greatly rewarding. --Steven Shavell, Harvard Law School, author of Foundations of Economic Analysis of Law
Economic Analysis of Law, Eighth Edition, written by the pioneer in law and economics analysis, Richard A. Posner, remains the classic text in its field. This lucid, comprehensive casebook covers every aspect of the economic analysis of the law, including the common law, public regulation of the market, business organizations and financial markets, the distribution of income and wealth, the legal process, and the Constitution and the federal system. The Eighth Edition has been substantially revised to take into account current events, including the continuing economic crisis, the re-emerging field of organization economics, and recent work by the author and others on judicial behavior. The this preeminent casebook continues to offer Coverage of the legal-economic perspective on all key areas, from common law to the constitution. Accessible, lucid, and user-friendly writing and organization: Non-quantitative approach does not assume or require prior knowledge of economics or mathematics Part and chapter organization are based on legal, not economic, concepts End-of-chapter sections reinforce and extend learning with problems and suggested further readings. The Eighth Edition has been updated and revised to reflect current economic realities: The continuing economic crisis, which began in September 2008, has led to a reexamination of some of the tenets of economics manifested in previous editions. These changes are found primarily in the following chapters: Chapter 1, The Nature of Economic Reasoning Chapter 13, The Choice Between Regulation and Common Law Chapter 14, Corporations, Secured and Unsecured Financing, Bankruptcy Chapter 15, Financial Markets In Chapter 14, Corporations, Secured and Unsecured Financing, Bankruptcy, changes have been incorporated based on the re-emerging field of organization economics. Substantial changes to reflect recent work by the author and others on judicial behavior are evident in Chapter 19, The Market, the Adversary System, and the Legislative Process as Methods of Resource Allocation. Significant changes have also been made in the following chapters: Chapter 3, Property Chapter 4, Contract Rights and Remedies Chapter 17, Taxation Chapter 21, Civil and Criminal Procedure
Exploding the myth that the United States is on the brink of gerontological disaster, this provocative and revealing book paints a surprisingly rich and unsentimental portrait of the millions of elderly people in the U.S., and offers fresh insight into a wide range of social and political issues relating to the elderly, including health care, crime, social security, and discrimination.
Written by a lawyer and an economist, this is the first full-length economic study of tort law--the body of law that governs liability for accidents and for intentional wrongs such as battery and defamation. Landes and Posner propose that tort law is best understood as a system for achieving an efficient allocation of resources to safety--that, on the whole, rules and doctrines of tort law encourage the optimal investment in safety by potential injurers and potential victims. The book contains both a comprehensive description of the major doctrines of tort law and a series of formal economic models used to explore the economic properties of these doctrines. All the formal models are translated into simple commonsense terms so that the "math less" reader can follow the text without difficulty; legal jargon is also avoided, for the sake of economists and other readers not trained in the law. Although the primary focus is on explaining existing doctrines rather than on exploring their implementation by juries, insurance adjusters, and other "real world" actors, the book has obvious pertinence to the ongoing controversies over damage awards, insurance rates and availability, and reform of tort law-in fact it is an essential prerequisite to sound reform. Among other timely topics, the authors discuss punitive damage awards in products liability cases, the evolution of products liability law, and the problem of liability for "mass disaster" torts, such as might be produced by a nuclear accident. More generally, this book is an important contribution to the "law and economics" movement, the most exciting and controversial development in modern legal education and scholarship, and will become an obligatory reference for all who are concerned with the study of tort law.
Natural monopolies exist in those markets in which demand can be satisfied at lowest cost by the output of only one rather than several competing firms. Under such conditions, conventional wisdom suggests that government regulation must substitute for competition to discipline the behavior of firms. Thirty years ago a young professor named Richard Posner asked the provocative question of whether the existence of natural monopoly provides adequate justification for government intervention. His even more provocative answer was no. The evils of natural monopoly are exaggerated, the effectiveness of regulation in controlling them is highly questionable, and regulation costs a great deal. "The resources and energies of government should be directed to problems we know are substantial, that we think are traceable to government action, and that cannot be left to the private sector to work out. There are plenty of those problems, and it is doubtful that natural monopoly is among them." Thirty years after its initial publication, read the original insights of Richard Posner about the regulation of natural monopoly as well as a new preface in which Posner reflects on the deregulation of industries that has occurred since 1969 and the possibilities for more deregulation in the future.
The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we’ve learned from the Great Depression? Why wasn’t it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well. Among the facts and causes Posner identifies are: excess savings flowing in from Asia and the reckless lowering of interest rates by the Federal Reserve Board; the relation between executive compensation, short-term profit goals, and risky lending; the housing bubble fueled by low interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions. Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression: the monetarist—that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation—and the Keynesian—that the depression was the product of a credit binge in the 1920s, a stock-market crash, and the ensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated.
On December 5, 2004, the still-developing blogosphere took one of its biggest steps toward mainstream credibility, as Nobel Prize - winning economist Gary S. Becker and renowned jurist and legal scholar Richard A. Posner announced the formation of the Becker-Posner Blog. In no time, the blog had established a wide readership and reputation as a reliable source of lively, thought-provoking commentary on current events, its pithy and profound weekly essays highlighting the value of economic reasoning when applied to unexpected topics. Uncommon Sense gathers the most important and innovative entries from the blog, arranged by topic, along with updates and even reconsiderations when subsequent events have shed new light on a question. Whether it's Posner making the economic case for the legalization of gay marriage, Becker arguing in favor of the sale of human organs for transplant, or even the pair of scholars vigorously disagreeing about the utility of collective punishment, the writing is always clear, the interplay energetic, and the resulting discussion deeply informed and intellectually substantial. To have a single thinker of the stature of a Becker or Posner addressing questions of this nature would make for fascinating reading; to have both, writing and responding to each other, is an exceptionally rare treat. With Uncommon Sense, they invite the adventurous reader to join them on a whirlwind intellectual journey. All they ask is that you leave your preconceptions behind.
Many of the measures taken by the Bush administration since 9/11 have sparkedheated protests. Judge Richard A. Posner offers a cogent and elegant responseto these protests, arguing that personal liberty must be balanced with publicsafety in the face of grave national danger.
Posner discusses the utter futilty of this reform act in a searing critique of the 9/11 Commission, its recommendations, Congress's role in making law, and the law's inability to do what it is intended to do.
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