Добавил:
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз: Предмет: Файл:
!!Экзамен зачет 2023 год / Cheffins - The Trajectory of (Corporate Law) Scholarship.pdf
Скачиваний:
0
Добавлен:
15.05.2023
Размер:
306.62 Кб
Скачать

Shifting from individual subject areas to particular approaches that can be adopted to study law, optimists can again be found. It has been said, for instance, that ‘(w)ithin the legal academy, the achievements of feminism have been substantial and cumulative’.105 Moreover, Richard Epstein, a leading law and economics scholar, has expressed concerns about the future of the discipline but still argues that for a number of decades ‘the rate of intellectual return on relatively straightforward problems was exceedingly high’.106 The upshot is that there appears to be more to legal scholarship than the plot in the movie ‘Groundhog Day’, in which the main character was condemned to wake up each day and find that it was yesterday all over again.

E. Academic Fads and Fashions

In the foregoing section, a characteristic uniting the academics who were cited to cast doubt on the cyclical account of legal scholarship was that they were offering an appraisal of the field that implied things were getting ‘better’. Still, even if legal scholarship does not evolve simply by reference to the past, does this mean that ‘progress’ is inevitable? Work done by American law professor Cass Sunstein on fads, fashions and academic ‘cascades’ indicates the answer is no.

105Ngaire Naffine, ‘In Praise of Legal Feminism’ (2002) 22 Legal Stud. 71, 71.

106Richard A. Epstein, ‘Law and Economics: Its Glorious Past and Cloudy Future’ (1997) 64 U. Chi. L. Rev. 1167, 1172. For a similar verdict, see Thomas S. Ulen, ‘Firmly Grounded: Economics in the Future of Law’ [1997] Wisconsin L. Rev. 433, 434, 463.

28

Sunstein subscribes to the notion that there is a market for legal scholarship akin to that described earlier.107 He doubts, however, whether the forces of supply and demand yield beneficial outcomes in this context.108 Scepticism of this sort is not novel.109 Sunstein does more, however, than suggest there is a case of market failure. Instead, he draws upon the social science literature on fads and fashions to suggest how academic writing about law might evolve.

To understand the argument Sunstein is making, some background is required. Typically, when economists model markets they assume that parties have full information about all relevant circumstances. In the real world, however, people are not in this position. A way they can compensate is to learn by observing the actions of others. Correspondingly, when members of a group are cognisant of each other’s behaviour, they can often end up making the same choices. This sort of ‘herd behaviour’ can create a ‘cascade’ that yields a ‘fad’ and matters can accelerate if individuals with a reputation for being well-informed—‘fashion leaders’—become involved.110

Moreover, the fact that an initial choice was poor will not

107Cass R. Sunstein, ‘Foreword: On Academic Fads and Fashions’ (2001) 99 Mich. L. Rev. 1251, 1253.

108Ibid. at 1251–1252, 1264.

109See above notes 76–80 and related discussion.

110Sushil Bikhchandani et al., ‘Learning from the Behaviour of Others: Conformity, Fads, and Informational Cascades’ (1998) 12 J. Econ. Persp. 151, 160; David Hirshleifer, ‘Informational Cascades and Social Conventions’ in Peter Newman (ed.),

The New Palgrave Dictionary of Economics and the Law, vol. 2 (Basingstoke 1998), 300, 302.

29

necessarily derail a fad. Admittedly, if there is a cascade based on an erroneous premise, the dissemination of pertinent and persuasive conflicting information can operate as a corrective.111 Still, the relevant facts may never become fully available so a reversal cannot be taken for granted.

Sunstein has extended the work on cascades, fads and so on to the context of legal scholarship.112 He argues that academic lawyers typically lack reliable information about what is ‘true’ or ‘right’. As a result, the signals that provide the foundation for fads can be influential within the legal academy.113 He argues that the effect is reinforced because legal academics are concerned about their reputations and thus seek approval by respected peers.114 Also significant is that a new line of thinking can coalesce around views adopted by a like-minded group which moves collectively via mutual self-reinforcement towards an extreme position (‘group polarisation’). This process can, in turn, provide an ideal platform for ‘fashion leaders’ to act as ‘polarisation entrepreneurs’ who amplify informational signals via the medium of a supportive network of followers.115

111Hirshleifer, above note 110, at 301, 303.

112Academia had previously been identified as an environment where the literature seemed relevant: Hirshleifer, above note 110, at 305.

113Sunstein, above note 107, at 1254–1256.

114Ibid. at 1256–58. This is known as a ‘reputational cascade’. See Robert C. Ellickson, ‘The Market for Social Norms’ (2001) 3 Am. L. and Econ. Rev. 1, 26. Younger scholars do have an incentive to discover novel approaches, but arguably the legal academy’s reward structure requires that their elders can appreciate an innovative move as continuing a tradition with which the elders are associated. See Tushnet, above note 91, at 581.

115Sunstein, above note 107, at 1258–1261.

30

Sunstein admits that some fads ‘burn out’ quickly because, once the relevant points have been raised, little can be done with them. Others, he says, can be displaced by external shocks, such as changes in the political climate or major innovations in related fields.116 What about fads that endure? Does longevity mean that the relevant ideas are ‘good’ or ‘true’? According to Sunstein, no. He acknowledges that cogent arguments and contradictory evidence can puncture a misguided set of claims. Still, so long as faulty informational signals, reputational concerns and ‘group polarisation’ continue to fortify a particular fad, bad ideas can enjoy considerable longevity.117

By applying the literature on cascades to legal scholarship, Sunstein has articulated in a systematic fashion sentiments expressed by some others. William Twining, an English legal scholar, has observed that ‘(i)t is not unknown within jurisprudence for a book-of-the moment, a robust debate, or some dramatic event to attract the ad hoc attention of swarms of jurists like moths to a flame’.118 Duxbury has argued similarly that ‘American legal theorists are nothing if not slaves to fashion’119 and that ‘there was a good deal of faddishness about American legal scholarship of the late twentieth century’.120

116Ibid at 1261–1263.

117Ibid at 1263–1264.

118William Twining, ‘Academic Law and Legal Philosophy: The Significance of Herbert Hart’ (1979) 95 Law Q. Rev. 557, 569.

119Neil Duxbury, ‘History as Hyperbole’ (1995) 15 Oxf. J. Legal Stud. 477, 487.

120Neil Duxbury, ‘A Century of Legal Studies’ in Cane and Tushnet, above note 2, 950, 965.

31

According to Peter Cane, an Australian academic, legal scholars in the US are particularly ‘fashion conscious’, perhaps because the adoption of an intellectually charged position is a good way to make a mark in America’s large and diverse marketplace for ideas.121

For the sake of argument, let us assume fads do influence legal scholarship. Does this mean that Sunstein’s premise that mistaken ideas can easily become both influential and durable must be accepted as well? The answer is no. Certainly Twining does not accept that fads necessarily yield deleterious consequences. Instead, he says that ‘(i)f fashion … or intellectual snobbery have produced some imbalances or distortions within legal theory, these are faults which are quite easily corrected’.122 Twining does not elaborate on how precisely this might occur. Presumably, though, he was assuming that fads are fragile since subsequent intellectual discourse will reveal the faulty nature of the ideas initially advanced. Twining, then, is a ‘cascade optimist’ who has faith in the presence of corrective forces that will spring into action when things have gone badly off the track. Sunstein, on the other hand, seems to be a ‘cascade pessimist’ who doubts whether faulty academic fads will be shattered by the dissemination of new information.

A factor that may help to determine the durability of a

121Peter Cane, ‘Review of Executive Action’ in Cane and Tushnet, above note 2, 146, 157. See also Duxbury, above note 120, 964, 969–970.

122Twining, above note 118, at 570.

32

‘faulty’ fad is the extent to which the discourse in question is part of a ‘closed’ or ‘open’ network.123 Again, an intellectual bandwagon built upon the ‘wrong’ outcome will tend to be fragile since the release of new data or ideas can expose the erroneous underpinning of the fad. Correspondingly, a misguided legal scholarship cascade should be more vulnerable when there is a broadly-based audience with a wide range of expertise than when the relevant field is small, specialised and insulated.

The network in which legal scholarship circulates can open in various directions. There can, for instance, be exchanges between those specialising in different areas of the law or dialogue between legal scholars and those working in other disciplines that offer insights directly pertinent to the analysis of legal topics. With respect to correcting misguided fads, however, perhaps the most promising possibility is interchange between academics and those who work with the law in a practical setting (e.g. lawyers, judges and government officials dealing with legal issues).

Consider, for instance, the analysis of the international law field offered by David Kennedy in a 2000 article.124 Applying the terminology used here, he qualifies as a ‘cascade optimist’. This is because he says that ideas in international law which are useful will be picked up and may contribute to a new

123On the notion that open v. closed networks can have an effect on the quality of legal scholarship, see Posner, above note 13, at 1325.

124Kennedy, above note 2.

33

disciplinary consensus and those which are not will be left to one side.125 He says the primary reason for this outcome is that legal practitioners who deal with international law issues assess the persuasiveness and ultimate value of academic work. He describes the discipline they exercise as follows:

(W)hen practitioner-beings assess things, they do so with their eyes wide open, unaffected by the fashions and egos that befuddle scholars. Their focus is relentlessly on the real world where the rubber meets the road, and it is their judgment, or predictions about their judgment, that guarantees the pragmatism and political neutrality of the field’s development.126

Richard Posner has made related suggestions with respect to interdisciplinary legal scholarship drawing upon moral philosophy and dealing with corporate insolvency law (referred to as bankruptcy law in the U.S).127 Various legal academics have relied on the writings of 19th century German philosopher G.W.F. Hegel to offer insights concerning aspects of the legal system.128

Posner argues that with this sort of scholarship ‘quality control’ is likely to be a serious problem since ‘a law professor’s article on Hegelian jurisprudence’ might only be read by ‘other law professors interested in Continental philosophy’ with ‘no

125Ibid at 398.

126Ibid at 399.

127Under English law, ‘bankruptcy’ refers solely to insolvency proceedings involving individuals whereas corporate proceedings are referred to as ‘corporate insolvency’. See John Armour et al., ‘Corporate Ownership Structure and the Evolution of Bankruptcy Law: Lessons from the United Kingdom’ (2002) 55 Vand. L. Rev. 1699, 1736, n. 187.

128See, for example, Alan Brudner, The Unity of the Common Law: Studies in Hegelian Jurisprudence (Berkeley 1995); Peter Benson, ‘Abstract Right and the Possibility of a Nondistributive Conception of Contract: Hegel and Contemporary Contract Theory’ (1989) 10 Cardozo L. Rev. 1077, 1095–1117; David Gray Carlson, ‘How to do Things With Hegel’ (2000) 78 Tex. L. Rev. 1377

34

leakage outside that narrow network’.129

Posner is more optimistic about bankruptcy law, where the mathematically oriented analysis of choice known as game theory has strongly influenced leading interdisciplinary scholars in the field.130 He acknowledges that a practising lawyer would not consult articles on bankruptcy law that apply such an exotic approach. On the other hand, at least in the US, ‘treatise writers and other bankruptcy scholars read (this literature) and (incorporate) their insights into their own, practitioner-friendly works …’.131 The result is that, as with international law, ‘practitioner beings’ ultimately are part of the feedback loop. Correspondingly, to the extent that open v. closed networks do indeed affect the durability of misguided academic fads, a mistaken cascade should be unlikely in the bankruptcy law field.

The notion that a misguided legal scholarship fad will be more vulnerable if there is an active dialogue between academics and practitioners is consistent with a broader thesis, namely that the quality of academic writing on law will be better if law professors seek consciously to relate their work to the ‘real world’.132 The belief on this count is that ‘(p)ure scholars may be more inclined to espouse views that are fanciful, extreme, or

129Posner, above note 13, at 1325.

130For examples, see Thomas H. Jackson, The Logic and Limits of Bankruptcy Law

(Cambridge, Mass. 1986), 11–16, 29–31, 57–63; Alan Schwartz, ‘Bankruptcy Workouts and Debt Contracts’ (1992) 36 J.L. and Econ. 595.

131Posner, above note 13, at 1325.

132Rakoff, above note 39, at 1286–1287; Judith S. Kaye, ‘One Judge’s View of Academic Law Review Writing’ (1989) 39 J. Legal Educ. 313, 318–321; Jean R. Sternlight, ‘Symbiotic Legal Theory and Legal Practice: Advocating a Common Sense Jurisprudence of Law and Practical Applications’ (1996) 50 U. Miami L. Rev. 707, 772–775.

35

Соседние файлы в папке !!Экзамен зачет 2023 год