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20 Suffolk U. L. Rev. 1 (1986)
Free Speech in an Economic Perspective

handle is hein.journals/sufflr20 and id is 31 raw text is: SUFFOLK UNIVERSITY LAW REVIEW Volume XX Spring 1986 Number I FREE SPEECH IN AN ECONOMIC PERSPECTIVE Richard A. Posner* TABLE OF CONTENTS I. INTRODUCTION ........................................ 2 II. THE FIRST AMENDMENT IN A NUTSHELL ................ 3 III. AN ECONOMIC MODEL OF THE COSTS AND BENEFITS OF REGULATING FREE SPEECH ............................. 8 A. An Expanded Dennis Formula ................. 8 B. The Costs of Suppression ..................... 9 1. Costs in Valuable Information Suppressed or D eterred ................................. 9 a. A Hierarchy of Value? ............... 9 b. The Nature and Scope of Regulation... 12 (1) Censorship ....................... 13 (2) Time, Place, and Manner Restrictions. 16 c. Market Robustness .................... 19 2. The Costs of Error ....................... 24 C. The Benefits of Suppression ................... 29 1. Probability of Harm ...................... 29 2. Magnitude of Harm ....................... 34 D. More Suppression-or Less? ................... 36 IV. TIlE ECONOMIC MODEL APPLIED ....................... 36 A. The General Structure of Free-Speech Law ...... 36 1. Political Speech .......................... 36 2. The Greater Protection of the Print Media.. 39 3. Commercial Advertising ................... 39 4. Labor .................................... 40 5. Defam ation ............................... 41 6. Right of Privacy .......................... 43 7. O bscenity ................................ 44 8. Vagueness and Overbreadth ................ 46 B. Some Special Topics .......................... 48 1. Subsidies for Speech ...................... 48

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