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Quotation from Basic Inc. v. Levinson by Supreme Court of the United States
“But with no staff economists, no experts schooled in the "efficient-capital-market hypothesis," no ability to test the validity of empirical market studies, we are not well equipped to embrace novel constructions of a statute based on contemporary microeconomic theory.”
Basic Inc. v. Levinson, Opinion of Justice White, concurring in part and dissenting in part (U.S. Reports text (Legal Information Institute))
Justice White argues that courts lack the expertise to found legal rules on economic theory.
Citation: "But with no staff economists, no experts schooled in the "efficient-capital-market hypothesis," no ability to test the validity of empirical market studies, we are not well equipped to embrace novel constructions of a statute based on contemporary microeconomic theory." — Supreme Court of the United States, Basic Inc. v. Levinson, Opinion of Justice White, concurring in part and dissenting in part (U.S. Reports text (Legal Information Institute)). (id basic-inc-v-levinson-q6)
Portrait: Justice Blackmun Official, Unknown, Public domain.
