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The Rise of the Chicago Packers and the Origins of Meat Inspection and Antitrust
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The Sherman Act of 1890 and the Meat Inspection Act of 1891 are shown to be closely linked as discussed by the authors, and the link makes clearer Congress' intent in enacting the legislation.Abstract:
The Meat Inspection Act of 1891 and the Sherman Act of 1890 are shown to be closely tied. This link makes clearer Congress' intent in enacting the legislation. Both laws were products of conditions in the economy after 1880, and they reflected in part, a common concern about the Chicago packers, or Beef trust. The concerns of local slaughterhouses, which were being displaced by new, low-cost refrigerated beef, and of farmers, who sold their livestock to the large Chicago packers, were echoed elsewhere by other small businesses and farmers, who feared for their competitive positions during a time of structural change in the economy.read more
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The New Comparative Economics
TL;DR: The authors argue that to understand the basic tradeoff between the costs of disorder and those of dictatorship, one needs to understand how institutions exert profound influence on economic development, and apply this logic to study the structure of efficient institutions, the consequences of colonial transplantation, and the politics of institutional choice.
MonographDOI
The Defining Moment: The Great Depression and the American Economy in the Twentieth Century
TL;DR: The Defining Moment Hypothesis: The Editors' Introduction Michael D. Bordo, Claudia Goldin, Eugene N. White, and Barry Eichengreen as discussed by the authors.
Dissertation
'Pyrates' of the Lyceum: Big Pharma, Patents, and Academic Freedom in Neoliberal Times
TL;DR: The influence of intellectual property rights and proprietary claims surrounding patents are muzzling freedom of thought by corporate interests as discussed by the authors and universities and the freedom of academic researchers to explore their fields have become casualties on this neoliberal battlefield.
An Impossible Undertaking: The Eradication of Bovine Tuberculosis in the
Alan L. Olmstead,Paul W. Rhode +1 more
TL;DR: The U.S. campaign was a spectacular success, reducing human suffering and death and yielding benefits in the farm sector alone that exceeded ten times the cost as mentioned in this paper, and the United States led most European nations in controlling the disease.
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Journal ArticleDOI
The Market for “Lemons”: Quality Uncertainty and the Market Mechanism
TL;DR: In this paper, the authors present a struggling attempt to give structure to the statement: "Business in under-developed countries is difficult"; in particular, a structure is given for determining the economic costs of dishonesty.
Journal ArticleDOI
Free Competition and the Optimal Amount of Fraud
Michael R. Darby,Edi Karni +1 more
TL;DR: In this paper, the authors explore the reasons for and determinants of the provision by a firm of false information to a consumer so as to induce purchases which would not be made if the consumer possessed full information about the qualities of his purchase.
Journal ArticleDOI
The Role of Market Forces in Assuring Contractual Performance
Benjamin Klein,Keith B. Leffler +1 more
TL;DR: The conditions under which transactors can use the market (repeat-purchase) mechanism of contract enforcement are examined in this article, where increased price is shown to be a means of assuring contractual performance.
Journal ArticleDOI
Consumer information, product quality, and seller reputation
TL;DR: The authors analyzes markets in which consumers are imperfectly informed about product quality and analyzes the relationship between consumer information and product quality, and shows that reputation can work only imperfectly.
Journal ArticleDOI
Quacks, Lemons, and Licensing: A Theory of Minimum Quality Standards
TL;DR: In this article, the authors consider markets with asymmetric information and show that quality deterioration in such markets may take place, and they show that this is a general phenomenon in markets with minimum quality constraints.