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Full-Text Articles in Political Economy

From The Fair Labor Standards Act To Individual State Minimum Wages: Measuring State Minimum Wages And Economic Performance, Adam Charles Carafotes Jan 2017

From The Fair Labor Standards Act To Individual State Minimum Wages: Measuring State Minimum Wages And Economic Performance, Adam Charles Carafotes

Senior Projects Spring 2017

This project will analyze the historical foundation of the minimum wage in the United States prior to the first federal wage enactment in 1938 to the current federal wage as well as individual state wages. This paper will offer a historical overview along with economic ideology in determining appropriate minimum wage floors on state and federal levels of the economy. The question of raising either state or federal minimum wages has drawn great importance in the eyes of our country and in the eyes of economic thinkers, policymakers, and individuals. The minimum wage has been the backbone for working individuals ...


Defending A Mixed Economy, Herbert J. Hovenkamp May 2016

Defending A Mixed Economy, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

This essay reviews Jacob S. Hacker's and Paul Pierson's very engaging book, American Amnesia: How the War on Government Led Us to Forget what Made America Prosper (2016).


Regulating And Deregulating The Public Utilities 1830–2010, Judith Clifton Dr. Aug 2011

Regulating And Deregulating The Public Utilities 1830–2010, Judith Clifton Dr.

Judith Clifton

History can provide invaluable insights into important issues of the economic and social regulation of utilities, and offer lessons towards future debates. But the history of utility regulation – which speaks of changing, diverse and complex experiences around the world – was, unfortunately, sidelined or marginalised when economists and policymakers enthusiastically embraced the question of how to reform the utilities from the 1970s. This paper provides an overview of the three, overarching, `waves' of utility regulation from the nineteenth century to the present, documenting how, when and why the ways in which the roles of the state, the market and firms altered ...


Black Tuesday And Graying The Legitimacy Line For Governmental Intervention: When Tomorrow Is Just A Future Yesterday, Donald J. Kochan Dec 2009

Black Tuesday And Graying The Legitimacy Line For Governmental Intervention: When Tomorrow Is Just A Future Yesterday, Donald J. Kochan

Donald J. Kochan

Black Tuesday in October 1929 marked a major crisis in American history. As we face current economic woes, it is appropriate to recall not only the event but also reflect on how it altered the legal landscape and the change it precipitated in the acceptance of governmental intervention into the marketplace. Perceived or real crises can cause us to dance between free markets and regulatory power. Much like the events of 1929, current financial concerns have led to new, unprecedented governmental intervention into the private sector. This Article seeks caution, on the basis of history, arguing that fear and crisis ...


The Wealth Of Nations, Adam Smith, Jonathan B. Wight Jun 2007

The Wealth Of Nations, Adam Smith, Jonathan B. Wight

Bookshelf

The Wealth of Nations is a treasured classic of political economy. First published in March of 1776, Adam Smith wrote the book to influence a special audience - the British Parliament - and its arguments in the early spring of that year pressed for peace and cooperation with Britain's colonies rather than war.

Smith's message was that economic exploitation, through the monopoly trade of empire, stifled wealth-creation in both home and foreign lands. Moreover, protectionism preserved the status quo, and privileged a few elites at the expense of long run growth.

Smith wrote, "It is the industry which is carried ...


Relativism, Reflective Equilibrium, And Justice, Justin Schwartz Jan 1997

Relativism, Reflective Equilibrium, And Justice, Justin Schwartz

Justin Schwartz

THIS PAPER IS THE CO-WINNER OF THE FRED BERGER PRIZE IN PHILOSOPHY OF LAW FOR THE 1999 AMERICAN PHILOSOPHICAL ASSOCIATION FOR THE BEST PUBLISHED PAPER IN THE PREVIOUS TWO YEARS.

The conflict between liberal legal theory and critical legal studies (CLS) is often framed as a matter of whether there is a theory of justice that the law should embody which all rational people could or must accept. In a divided society, the CLS critique of this view is overwhelming: there is no such justice that can command universal assent. But the liberal critique of CLS, that it degenerates into ...