Bio
Known to students at the University of Chicago and NYU law schools as “the libertarian,” Richard Epstein has established himself as an expert in constitutional law, contracts, corporate law, real estate law, torts, labor law—and even Roman law. He is reputed to be more knowledgeable about Justinian’s Code than anyone since the Emperor Justinian himself. The Peter and Kirsten Bedford senior fellow at the Hoover Institution, Richard Epstein is the author of several books including, The Case Against the Employee Free Choice Act.



Re: Copyright Law and Market Arbitrage
Mendel:
The gist of his essay is "social welfare is enhanced when we erect borders to free trade" - a profoundlyun-libertarian sentiment.
I don't think it is. That would be the case if the state imposed these restrictions on all sellers against their will. But in this case it is the seller who makes it very clear that this sale is conditioned on the use or resale of the product in the country of origin. Now, the insistence that the goods stay out of the U.S. is in accordance with the contract.
There is a further argument (not libertarian) that the restraint on trade has antitrust implications, which I don’t think is true so long as there is competition in the text book market in the United States, which constrains prices here. Lower prices do not lead to greater wealth because consumers have additional funds to spend overseas. The book seller could use those revenues the same way. The question is whether the restraint on trade, imposed as it is by contract, advances social welfare, which it does. We granted the maker a monopoly at home to spur production, which the imports destroy.