My guest-blogging stint has come to an end. And the semester is winding down. So it is time to tie things together. I've tried to cover a lot of ground in two weeks -- starting with the Berlin Wall, moving on to predictions of trouble ahead for the law school business model, analyzing the financial crisis, and talking about how technology, including ideas from Open Source can improve financial regulation. There are some common threads to all of this:
1. Change can come suddenly and bring even big and old institutions to their knees.
2. It is hard to outrun underlying economics.
3. Even if predictive models are not "wrong", we need to pay close attention to their assumptions and the incentives of people who use them.
4. Similarly, lawyers can't afford to shy away from technical subjects or bad things start to happen.
5. Open systems -- whether economies or regulations or institutions -- tend to be more robust. Karl Popper still has much to say.
I would like to thank Gordon and the rest of the Glom for letting me guest blog these past two weeks. Thank you to those of who have read my posts and particularly to those who have responded either on the blog or off-line.
If you are a law professor and going to AALS in New Orleans, look me up. I'll definitely be at the Financial Institutions Section on Friday at 10:30 AM, where I'll be commentng on an intriguing paper by Daniel Schwarcz (Minnesota) on regulatory competition in insurance (David mentioned the paper in a post a few days ago). I'll also be presenting some of the ideas on technology and securities disclosure that you have gotten a taste of over the last several days at the Securities Regulation Section on Saturday morning. The other papers in this section are real dynamite and include William Birdthistle on Jones v. Harris (following his posts in the Glom forum on the subject two weeks ago), Michael Guttentag (Loyola - LA) on Financial Crashes, and Charles Whitehead (Cornell) on "Reframing Financial Regulation."
Have a good Thanksgiving.
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