Richard A. Epstein – författare

[Man] invented a concept that has since been variously viewed as a vice, a crime, a business, a pleasure, a type of magic, a disease, a folly, a weakness, a form of sexual substitution, an expression of the human instinct. He invented gambling.Richard Epstein''s classic book on gambling and its mathematical analysis covers the full range of games from penny matching, to blackjack and other casino games, to the stock market (including Black-Scholes analysis). He even considers what light statistical inference can shed on the study of paranormal phenomena. Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study.

Early in his rise to enlightenment, man invented a concept that has since been variously viewed as a vice, a crime, a business, a pleasure, a type of magic, a disease, a folly, a weakness, a form of sexual substitution, an expression of the human instinct. He invented gambling.Recent advances in the field, particularly Parrondo''s paradox, have triggered a surge of interest in the statistical and mathematical theory behind gambling. This interest was acknowledge in the motion picture, "21," inspired by the true story of the MIT students who mastered the art of card counting to reap millions from the Vegas casinos. Richard Epstein''s classic book on gambling and its mathematical analysis covers the full range of games from penny matching to blackjack, from Tic-Tac-Toe to the stock market (including Edward Thorp''s warrant-hedging analysis). He even considers whether statistical inference can shed light on the study of paranormal phenomena. Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study. The book is written at a fairly sophisticated mathematical level; this is not "Gambling for Dummies" or "How To Beat The Odds Without Really Trying." A background in upper-level undergraduate mathematics is helpful for understanding this work.- Comprehensive and exciting analysis of all major casino games and variants- Covers a wide range of interesting topics not covered in other books on the subject- Depth and breadth of its material is unique compared to other books of this nature- Richard Epstein''s website: www.gamblingtheory.net

Early in his rise to enlightenment, man invented a concept that has since been variously viewed as a vice, a crime, a business, a pleasure, a type of magic, a disease, a folly, a weakness, a form of sexual substitution, an expression of the human instinct. He invented gambling.Recent advances in the field, particularly Parrondo''s paradox, have triggered a surge of interest in the statistical and mathematical theory behind gambling. This interest was acknowledge in the motion picture, "21," inspired by the true story of the MIT students who mastered the art of card counting to reap millions from the Vegas casinos. Richard Epstein''s classic book on gambling and its mathematical analysis covers the full range of games from penny matching to blackjack, from Tic-Tac-Toe to the stock market (including Edward Thorp''s warrant-hedging analysis). He even considers whether statistical inference can shed light on the study of paranormal phenomena. Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study. The book is written at a fairly sophisticated mathematical level; this is not "Gambling for Dummies" or "How To Beat The Odds Without Really Trying." A background in upper-level undergraduate mathematics is helpful for understanding this work.- Comprehensive and exciting analysis of all major casino games and variants- Covers a wide range of interesting topics not covered in other books on the subject- Depth and breadth of its material is unique compared to other books of this natureRichard Epstein''s website: www.gamblingtheory.net

With this book, Richard A. Epstein provides a spirited and systematic defense of classical liberalism against the critiques mounted against it over the past thirty years. One of the most distinguished and provocative legal scholars writing today, Epstein here explains his controversial ideas in what will quickly come to be considered one of his cornerstone works.He begins by laying out his own vision of the key principles of classical liberalism: respect for the autonomy of the individual, a strong system of private property rights, the voluntary exchange of labor and possessions, and prohibitions against force or fraud. Nonetheless, he not only recognizes but insists that state coercion is crucial to safeguarding these principles of private ordering and supplying the social infrastructure on which they depend. Within this framework, Epstein then shows why limited government is much to be preferred over the modern interventionist welfare state.Many of the modern attacks on the classical liberal system seek to undermine the moral, conceptual, cognitive, and psychological foundations on which it rests. Epstein rises to this challenge by carefully rebutting each of these objections in turn. For instance, Epstein demonstrates how our inability to judge the preferences of others means we should respect their liberty of choice regarding their own lives. And he points out the flaws in behavioral economic arguments which, overlooking strong evolutionary pressures, claim that individual preferences are unstable and that people are unable to adopt rational means to achieve their own ends. Freedom, Epstein ultimately shows, depends upon a skepticism that rightly shuns making judgments about what is best for individuals, but that also avoids the relativistic trap that all judgments about our political institutions have equal worth.A brilliant defense of classical liberalism, Skepticism and Freedom will rightly be seen as an intellectual landmark.

Though George W. Bush took office in January, the nation is still recovering from the prolonged and complex process by which he was elected. The Florida electoral controversy and the subsequent decisions by both the Florida courts and the US Supreme Court left citizens and scholars alike divided over the role of the judiciary in the electoral arena. Now, after several months of reflection, leading constitutional scholars - Cass R. Sunstein, Richard A. Epstein, Pamela S. Karlan, Richard A. Posner and John Yoo, among others - weigh in on the Supreme Court's actions, which still seem sensible, legally legitimate and pragmatically defensible to some and an egregious abuse of power to others. Representing the full spectrum of views and arguments, "The Vote" offers the most timely and considered guide to the ultimate consequences and significance of the Supreme Court's decision. The contributors to this volume were highly visible in the national media while the controversy raged, and here they present fully fleshed-out arguments for the positions they promoted on the airwaves.Readers should find in "The Vote" equally impassioned defences for and indictments of the Court's actions, and they should come to understand the practical and theoretical implications of the Court's ruling in the realms of both law and politics. No doubt a spate of books will appear on the 2000 presidential election, but none will claim as distinguished a roster of contributors better qualified to place these recent events in their appropriate historical, legal and political contexts.

In this paper, Richard A Epstein, Professor of Law at the University of Chicago, explains how there are substantial gains to be made from countries getting 'easy' policy decisions correct. Societies collapse and become impoverished when they do not accept the basic principles of freedom to contract and competition. Even in the developed world these principles have not been accepted in key areas such as agricultural and labour markets. Significant welfare gains could be achieved from liberalisation in both areas. Epstein explains how liberal economists, politicians and civil servants often spend much time discussing 'difficult' cases. While these issues may be important to particular groups in society, the implications of getting 'difficult' cases wrong is not serious. Thus policy-makers and their advisers, Epstein says, would do well to concentrate on the 'easy' cases. In his study, Professor Epstein uses evidence and analysis derived from the disciplines of both law and economics. Professor Geoffrey E Wood provides a commentary that elucidates Epstein's argument and shows how it can be further applied to policy issues relevant to the UK.

An analysis of how we regulate the pharmaceutical industry: are we protecting patients or blocking the development of useful new drugs?This book is the first to offer a comprehensive examination of the pharmaceutical industry by following the tortuous course of a new drug as it progresses from early development to final delivery. Richard A. Epstein looks closely at the regulatory framework that surrounds all aspects of making pharmaceutical products today, and he assesses which current legal and regulatory practices make sense and which have gone awry. While critics of pharmaceutical companies call for ever more stringent controls on virtually every aspect of drug development and approval, Epstein cautions that the effect of such an approach will be to stifle pharmaceutical innovation and slow the delivery of beneficial treatments to the patients who need them. The author considers an array of challenges that confront the industry--conflicts of interest among government, academe, and the drug companies; intellectual property rights that govern patents; FDA regulation; pricing disputes; marketing practices; and liability issues, including those brought to light in the recent VIOXX case. Epstein argues that to ensure the continuing creativity, efficiency, and success of the pharmaceutical industry, the best system will feature strong property rights and clearly enforceable contracts, with minimal regulatory and judicial interference.

Following a vast expansion in the twentieth century, government is beginning to creak at the joints under its enormous weight. The signs are clear: a bloated civil service, low approval ratings for Congress and the President, increasing federal-state conflict, rampant distrust of politicians and government officials, record state deficits, and major unrest among public employees.In this compact, clearly written book, the noted legal scholar Richard Epstein advocates a much smaller federal government, arguing that our over-regulated state allows too much discretion on the part of regulators, which results in arbitrary, unfair decisions, rent-seeking, and other abuses. Epstein bases his classical liberalism on the twin pillars of the rule of law and of private contracts and property rights—an overarching structure that allows private property to keep its form regardless of changes in population, tastes, technology, and wealth. This structure also makes possible a restrained public administration to implement limited objectives. Government continues to play a key role as night-watchman, but with the added flexibility in revenues and expenditures to attend to national defense and infrastructure formation.Although no legal system can eliminate the need for discretion in the management of both private and public affairs, predictable laws can cabin the zone of discretion and permit arbitrary decisions to be challenged. Joining a set of strong property rights with sound but limited public administration could strengthen the rule of law, with its virtues of neutrality, generality, clarity, consistency, and forward-lookingness, and reverse the contempt and cynicism that have overcome us.

This timely and controversial book presents powerful theoretical and empirical arguments for the repeal of the anti-discrimination laws within the workplace. Richard Epstein demonstrates that these laws set one group against another, impose limits on freedom of choice, unleash bureaucratic excesses, mandate inefficient employment practices, and cause far more invidious discrimination than they prevent. Epstein urges a return to the now-rejected common law principles of individual autonomy that permit all persons to improve their position through trade, contract, and bargain, free of government constraint.

Too many laws, too many lawyers--that's the necessary consequence of a complex society, or so conventional wisdom has it. Countless pundits insist that any call for legal simplification smacks of nostalgia, sentimentality, or naiveté. But the conventional view, the noted legal scholar Richard Epstein tells us, has it exactly backward. The richer texture of modern society allows for more individual freedom and choice. And it allows us to organize a comprehensive legal order capable of meeting the technological and social challenges of today on the basis of just six core principles. In this book, Epstein demonstrates how.The first four rules, which regulate human interactions in ordinary social life, concern the autonomy of the individual, property, contract, and tort. Taken together these rules establish and protect consistent entitlements over all resources, both human and natural. These rules are backstopped by two more rules that permit forced exchanges on payment of just compensation when private or public necessity so dictates. Epstein then uses these six building blocks to clarify many intractable problems in the modern legal landscape. His discussion of employment contracts explains the hidden virtues of contracts at will and exposes the crippling weaknesses of laws regarding collective bargaining, unjust dismissal, employer discrimination, and comparable worth. And his analysis shows how laws governing liability for products and professional services, corporate transactions, and environmental protection have generated unnecessary social strife and economic dislocation by violating these basic principles.Simple Rules for a Complex World offers a sophisticated agenda for comprehensive social reform that undoes much of the mischief of the modern regulatory state. At a time when most Americans have come to distrust and fear government at all levels, Epstein shows how a consistent application of economic and political theory allows us to steer a middle path between too much and too little.

If legal scholar Richard Epstein is right, then the New Deal is wrong, if not unconstitutional. Epstein reaches this sweeping conclusion after making a detailed analysis of the eminent domain, or takings, clause of the Constitution, which states that private property shall not be taken for public use without just compensation. In contrast to the other guarantees in the Bill of Rights, the eminent domain clause has been interpreted narrowly. It has been invoked to force the government to compensate a citizen when his land is taken to build a post office, but not when its value is diminished by a comprehensive zoning ordinance.Epstein argues that this narrow interpretation is inconsistent with the language of the takings clause and the political theory that animates it. He develops a coherent normative theory that permits us to distinguish between permissible takings for public use and impermissible ones. He then examines a wide range of government regulations and taxes under a single comprehensive theory. He asks four questions: What constitutes a taking of private property? When is that taking justified without compensation under the police power? When is a taking for public use? And when is a taking compensated, in cash or in kind?Zoning, rent control, progressive and special taxes, workers’ compensation, and bankruptcy are only a few of the programs analyzed within this framework. Epstein’s theory casts doubt upon the established view today that the redistribution of wealth is a proper function of government. Throughout the book he uses recent developments in law and economics and the theory of collective choice to find in the eminent domain clause a theory of political obligation that he claims is superior to any of its modern rivals.

American liberals and conservatives alike take for granted a progressive view of the Constitution that took root in the early twentieth century. Richard Epstein laments this complacency which, he believes, explains America’s current economic malaise and political gridlock. Steering clear of well-worn debates between defenders of originalism and proponents of a living Constitution, Epstein employs close textual reading, historical analysis, and political and economic theory to urge a return to the classical liberal theory of governance that animated the framers’ original text, and to the limited government this theory supports.“[An] important and learned book.”—Gary L. McDowell, Times Literary Supplement“Epstein has now produced a full-scale and full-throated defense of his unusual vision of the Constitution. This book is his magnum opus…Much of his book consists of comprehensive and exceptionally detailed accounts of how constitutional provisions ought to be understood…All of Epstein’s particular discussions are instructive, and most of them are provocative…Epstein has written a passionate, learned, and committed book.”—Cass R. Sunstein, New Republic

The materials in this collection are drawn from many disciplines, including economics,law, philosophy and political science. Yet they are all directed to a topic that is worthy of examination from multiple perspectives: Liberty, Property and the Law. Stated in this general form, this topic is as broad as law itself. The relationship of liberty andproperty to the law surfaces whenever and wherever people interact with each otherunder the command and control of the sovereign. Those who hold sovereign power may choose to protect liberty and property or to undermine it. But the regrettably high frequency of political abuse throughout the world does not justify the exercise ofarbitrary legal power; nor does it limit human aspirations for a sound legal and socialorder to block political excesses. First Published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

First published in 2000. The materials in this collection are drawn from many disciplines, including economics, law, philosophy and political science. Yet they are all directed to a topic that is worthy of examination from multiple perspectives: Liberty, Property and the Law. Stated in this general form, this topic is as broad as law itself. Lawyers must have recourse to the grand principles of economic and social thought, but tempered with an awareness of how the novel circumstances of an individual case can call into question some of the elements of the grandest of theories. In this volume, therefore, the emphasis is as much on the points that separate different forms of property as it is on the conceptual theme that links all forms of property rights together.

First Published in 2000. Where a well-run society should rest on the continuum between public and private control has been the most contentious and thorny issue of legal and social theory throughout the generations. This series sets out to provide answers to this ongoing dispute contained in the five volumes of material assembled. The collection draws from many disciplines, including economics, law, philosophy and political science. Yet they are all directed to a topic that is worthy of examination from multiple perspectives: Liberty, Property and the Law.

First Published in 2000. This is a collection of essays that look at the Constitutional protection of private property and freedom of contract, and forms part of the Liberty, Property and Law series where the materials in this collection are drawn from many disciplines, including economics, law, philosophy and political science.

For over one hundred years, the antitrust consent decree has been a major weapon in the federal enforcement of antitrust laws. In Antitrust Consent Decrees in Theory and Practice, Richard A. Epstein undertakes the first systematic study of their use and effectiveness from both a historical and analytical perspective. Epstein observes how differences in antitrust philosophy can shape the kinds of comprehensive settlements that the government will seek and the courts will grant. Epstein takes issue with aggressive antitrust enforcement strategies that seek to use government power to fundamentally alter industry structures or the business practices of regulated firms, in some instances leading to their breakup. To explain the perils of that approach, Epstein carefully examines the history of consent decree litigation, culminating in detailed studies of the AT&T breakup and the government antitrust actions against Microsoft. Applying modern theories of antitrust analysis, Epstein's central thesis is that bold antitrust remedies that are not tightly tied to a defensible theory of wrongful conduct often prove counterproductive.Such measures typically force firms to adopt business practices and structural reorganizations that substantially impede their ability to compete effectively in the marketplace. The disparate fates of AT&T and Microsoft are the result of a major and fruitful shift in thinking about the use and limits on the antitrust laws in a wide variety of industrial contexts. Antitrust Consent Decrees in Theory and Practice will be of interest to any reader who is concerned with the larger implications of the government regulation of law and business. Epstein brings nearly forty years of personal knowledge and experience to this matter. Written in a clear and nontechnical style, this book should prove an invaluable resource to any student of regulation and economic policy, as well as lawyers and policymakers concerned with antitrust litigation.

When does federal law trump state law? The arcane topic of federal preemption has become the stuff of public debate and major news stories. The partisan lines are clearly drawn. On one side, consumer advocates, plaintiffs' attorneys, and state officials argue that broad federal preemption claims interfere with the states' historic police power to protect their citizens against corporate misconduct. On the other side, corporations and federal agencies maintain that preemption is a vital safeguard against unwarranted and inconsistent state interferences with the national economy and against aggressive trial lawyers and attorneys general. Fierce struggles along these lines dominate the political debate, judicial decisions, and legal commentary in a wide range of regulatory arenas, from financial regulation to automobile safety; from clean air laws to the regulation of telecommunications, energy, and other network industries; from securities law to consumer products standards; from pharmaceutical drugs to pesticides to outboard motors. In all these areas, billions of dollars hang on regulatory nuances and arcane points of legal interpretation.The preemption debate is also being waged in the shadow of broader, sometimes constitutional arguments concerning the role and utility of federalism and states' rights" in a modern, highly mobile, integrated economy. Legal scholars are sharply divided over both the substance of those arguments and the extent to which they should dominate economic considerations or statutory language. What the preemption debate needs is an examination that reflects the delicate interplay between our constitutional structure and the details of specific regulations. In Federal Preemption: States' Powers, National Interests, Richard A. Epstein and Michael S. Greve, two leading scholars in the field of preemption, have assembled an exceptional group of prominent legal scholars and practicing attorneys for a probing analysis and spirited discussion of these difficult issues. The vo

The Routledge Handbook of Classical Liberalism provides a comprehensive analysis of classical liberal theory including a survey of the theory’s central ideas and arguments, and the application of these ideas to contemporary issues. Chapters providing theoretical analyses are interwoven with coverage of wide‑ranging, concrete applications such as public health and healthcare, technology, policing, taxation and wealth, constitutional structures, and more. Across these areas, this handbook demonstrates how classical liberalism provides a unified approach over a divergent set of problems, providing a statement of modern classical liberalism serving as a research tool for a wide variety of individuals across the ideological spectrum. Classical liberalism is a systematic effort to ensure that the existence of the state does not abridge the fundamental rights and liberties of individuals, especially including property and contract rights. It holds that laws must satisfy the criteria of the Rule of Law so that stable relations between the individual and the state may develop. The Routledge Handbook of Classical Liberalism is an authoritative and key reference text for students, academics, and researchers engaged in the study of political ideologies, political science, political economy, economics, law, social policy, and related fields.

The materials in this collection are drawn from many disciplines, including economics,law, philosophy and political science. Yet they are all directed to a topic that is worthy of examination from multiple perspectives: Liberty, Property and the Law. Stated in this general form, this topic is as broad as law itself. The relationship of liberty andproperty to the law surfaces whenever and wherever people interact with each otherunder the command and control of the sovereign. Those who hold sovereign power may choose to protect liberty and property or to undermine it. But the regrettably high frequency of political abuse throughout the world does not justify the exercise ofarbitrary legal power; nor does it limit human aspirations for a sound legal and socialorder to block political excesses. First Published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

The materials in this collection are drawn from many disciplines, including economics,law, philosophy and political science. Yet they are all directed to a topic that is worthy of examination from multiple perspectives: Liberty, Property and the Law. Stated in this general form, this topic is as broad as law itself. The relationship of liberty andproperty to the law surfaces whenever and wherever people interact with each otherunder the command and control of the sovereign. Those who hold sovereign power may choose to protect liberty and property or to undermine it. But the regrettably high frequency of political abuse throughout the world does not justify the exercise ofarbitrary legal power; nor does it limit human aspirations for a sound legal and socialorder to block political excesses. First Published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

First Published in 2000. The materials in this collection are drawn from many disciplines, including economics, law, philosophy and political science. Yet they are all directed to a topic that is worthy of examination from multiple perspectives: Liberty, Property and the Law. Stated in this general form, this topic is broad as law itself. The relationship of liberty and property to the law surfaces whenever and wherever people interact with each other under the command and control of the sovereign. This is Volume II of five and concerns the extent to which the state should enforce or override private contracts made by individuals to dispose of their labor or capital. These issues did not disappear by the onset of the twentieth century, where Volume II picks up. Generally speaking, however, the tools of analysis shifted as the advances in economic theory helped to flesh out the justifications offered for individual liberty and private property on the one hand, and their social control on the other. Although the nature of the discourse changed to some degree, the division of opinion on the proper role of liberty and property remained as sharply contested as it was in earlier times.

First Published in 2000. The materials in this collection are drawn from many disciplines, including economics, law, philosophy and political science. Yet they are all directed to a topic that is worthy of examination from multiple perspectives: Liberty, Property and the Law. Stated in this general form, this topic is broad as law itself. The relationship of liberty and property to the law surfaces whenever and wherever people interact with each other under the command and control of the sovereign. This is Volume II of five and concerns the extent to which the state should enforce or override private contracts made by individuals to dispose of their labor or capital. These issues did not disappear by the onset of the twentieth century, where Volume II picks up. Generally speaking, however, the tools of analysis shifted as the advances in economic theory helped to flesh out the justifications offered for individual liberty and private property on the one hand, and their social control on the other. Although the nature of the discourse changed to some degree, the division of opinion on the proper role of liberty and property remained as sharply contested as it was in earlier times.

First Published in 2000. Where a well-run society should rest on the continuum between public and private control has been the most contentious and thorny issue of legal and social theory throughout the generations. This series sets out to provide answers to this ongoing dispute contained in the five volumes of material assembled. The collection draws from many disciplines, including economics, law, philosophy and political science. Yet they are all directed to a topic that is worthy of examination from multiple perspectives: Liberty, Property and the Law.

First Published in 2000. Where a well-run society should rest on the continuum between public and private control has been the most contentious and thorny issue of legal and social theory throughout the generations. This series sets out to provide answers to this ongoing dispute contained in the five volumes of material assembled. The collection draws from many disciplines, including economics, law, philosophy and political science. Yet they are all directed to a topic that is worthy of examination from multiple perspectives: Liberty, Property and the Law.

First Published in 2000. This is a collection of essays that look at the Constitutional protection of private property and freedom of contract, and forms part of the Liberty, Property and Law series where the materials in this collection are drawn from many disciplines, including economics, law, philosophy and political science.