Limited Liability and the Efficient Allocation of Resources: Twenty-Five Years Later
The following piece is a part of NULR of Note’s “Bring Back The ‘90s” initiative, aimed at exploring the evolution of legal thinking over the past three decades. For more, click here. In Limited Liability and the Efficient Allocation of Resources, 89 Nw. U. L. Rev. 140 (1994), I responded to a chorus of scholars who suggested that limited liability for corporations had outlived its usefulness—a thesis that was based in large part on the mistaken assumption that limited liability…