Frank Partnoy

Many thanks to Matt and Chuck for such thoughtful comments, and again to David. I'll just make two remarks, briefly.

First, I agree completely with Matt that it is important for all of us, and law academics in particular, to remember that there is a real world out there. I have a degree in math, and I'm still struck how much more connected even math theory is than much legal scholarship.

The tide seems to be shifting slightly in Matt's direction. But many corporate law scholars, whether by choice or not, are playing in an awfully small sand box. I plead guilty to some of that, too. Perhaps we like the desert because it is clean.

Second, Chuck is dead on about "derivatives," and I've tried to make it clear that my primary criticisms are really focused on financial innovation not "derivatives," and particularly not exchange-traded derivatives. And, sure, financial innovation has benefits; I just want people to focus on the costs and risks as well.

I'll have a new book out next year, something closer to F.I.A.S.C.O. (I preferred the dots, too, but the publisher took them away) than my academic work, which is to say someone might enjoy reading it. Or at least I hope so.

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