Law Talk #13: Death and The Lollipop
The faculty lounge of the Ricochet Law School (visit our website!) re-opens for the fall semester with a rousing session, ably guided by Dean Troy Senik. This week, the professors take on the Geneva Conventions, revisit the death penalty (hence the title), and wind up with a very interesting debate on the electoral college system in which Richard make a surprise endorsement for President. Well, sort of.
Thanks to the miracle of embedding, you may listen to to Law Talk here:
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Thanks to EJHill for the graphic.
Buy John Yoo's Confronting Terror: 9/11 and the Future of American National Security
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Oct '10
Re: Law Talk #13: Death and The Lollipop
It never fails. As soon as I have resolved to begin some productive tasks which have everything to do with either my social well-being or livelihood, a new podcast is posted that changes the course of my night. Thanks Ricochet.
Aug '10
Re: Law Talk #13: Death and The Lollipop
Prof Yoo's ribbing aside, Prof Epstein's explanation of the various rounds of venture capital funding was exactly the correct description of how funding risk works. The earlier you get in, the more risk you assume in return for more reward. The later you fund an idea, the more proof that company can provide that their idea works, so the less risk a funder takes on... but their payoff is correspondingly lower.
Basic entrepreneurial economics... but as Ludwig von Mises and F. A. Hayek pointed out, governments are, by definition, unable to price risk correctly. Government is driven by politics, not prices, although prices are the only viable information signalling mechanism for risk; and government lacks the profit motive, which means they disregard the cost of capital (tax revenue) and have no consistently determined ROI.
Oct '10
Re: Law Talk #13: Death and The Lollipop
I was listening to an old Econtalk episode the other night and the guest said: "This is probably the longest answer to a question you have ever received on this show."
And the host Russ Roberts responded, "Actually, no, long time listeners of this program know that that honor belongs to Richard Epstein."