The Clean Air Act requires "New Source Review" -- the installation of specific state-of-the-art pollution control equipment when and only when a new polluting plant is constructed, or a "modification" is undertaken on an existing plant. Shi-Ling Hsu argues that this "grandfathering" policy slows...

Significant business risk derives from the likelihood that the policy and legal environment with respect to climate change will change quickly, imposing costs on greenhouse gas emitters and other businesses with large carbon footprints. Advice on how to manage this kind of risk is written...

Capital, one of two fundamental inputs to production, is critical to economic growth. As such, legal rules and institutions generally seek to create more of it, and also seek to protect existing capital. However, capital is often durable, and during the natural life of capital, information may...