Totalitarian Nudges, Illusory Externalities, and Utopian Benefits: Reflections on the 34th Economics Institute for Law Professors

Abstract

This Essay provides a glimpse into the 34th Economics Institute for Law Professors, which took place in Estes Park, Colorado, from June 17 to 27, 2019. The Institute was hosted by the Law & Economics Center at the Antonin Scalia Law School at George Mason University, and has been previously attended by more than 850 law professors worldwide. The goal of the Institute is “to help participants enhance their understanding of economics and broaden their analytical tools in order to introduce greater economic sophistication and policy relevance to their professional work.” While the Institute consisted of forty-two classes spanning ten days, the focus of this Essay will be on only three of those classes:

(1) “Behavioral Law & Economics,”

(2) “There Ain’t No Such Thing as an Externality,” and

(3) “Economics of Innovation and Dynamic Competition.”

For reasons that will hopefully become clear, I have titled my overview of these classes “Totalitarian Nudges,” “Illusory Externalities,” and “Utopian Benefits” respectively.

Keywords: Law and Economics; Behavioral Law and Economics; Antitrust; Externalities

JEL Classification: K00