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Stephen Magee


Department:     Finance

Additional Titles:     James L. Bayless/Enstar Corporation Chair in Business Administration

Industry Areas:     Corporate Litigation Damages, Industrial Organization, Intellectual Property, International Finance

Research Areas:     Economics of Law, Industrial Organization, Intellectual Property Rights, Tariffs, Valuation

Stephen Magee headshot


Magee, Stephen P.
James L. Bayless/Enstar Corporation Chair in Business Administration,
Department of Finance

Stephen Magee received his B.A. and M.A. from Texas Tech University and his Ph.D. from the Massachusetts Institute of Technology. His research interests include the optimal number of lawyers for the U.S. economy, biological models of human economic behavior, and the theory of endogenous protection. His teaching interests include managerial microeconomics, international finance, and leadership.



Who's Who in Finance and Industry


Outstanding Research Contribution Award, Graduate School of Business, University of Texas at Austin


Who's Who in America


Who's Who in America


Joe D. Beasley Teaching Award for MBA Core


Joe D. Beasley Teaching Award for MBA Core


Stephen P. Magee, Hongshik Lee, and Junyun Kim. 2019. Evidence and Explanation for the Tariff-lobbying Paradox: Endogenous Tariffs Fall as Protectionist Lobbying Rises. Applied Economics 51(40), 4368-4384.


Stephen P. Magee, Hak Loh Lee, and Hongshik Lee. 2017. Simple Measures of Endogenous Free-Riding in Protectionist Lobbies. Economic Modelling 60, 324-333.


Stephen P. Magee and Hua Chen. 2017. The U.S. Won the Global Currency War Against Europe and Japan: Their Retaliation Likely Helped Elect Trump. International Journal of Business and Economic Development 5(3), 1-11.


Stephen P. Magee and Changkyu Choi. 2016. The Negative Effects of Redistributive Activity on Country Current Accounts and Government Budget Deficits: Theory and Cross-Country Evidence, in 18th EBES Conference, Jan. 8-10, Dubai, U.A.E.: American University of Sharjah School of Business and Management.


Stephen P. Magee. 2015. The Efficiency of Endogenous Protection: Lobbying Increases, Tariffs Fall and Welfare Increases with Economic Development: Empirical Estimates, in Korea and World Economy XIV Conference. Aug. 7-8, Beijing, China: RDCY, Remin University of China.

Stephen P. Magee. 2013. Lawyers as Spam: Congressional Capture Explains Why U.S. Lawyers Exceed the Optimum and Their Cost, in An American Illness: Essays on the Rule of Law, Frank Buckley, ed. Yale University Press, 100-117.


Christopher S. P. Magee and Stephen P. Magee. 2008. The United States is a Small Country in World Trade. Review of International Economics 16, 990-1004.


Christopher S. P. Magee and Stephen P. Magee. 2004. The Madison Paradox and the Low Cost of Special-Interest Legislation, in The Political Economy of Policy Reform, Douglas Nelson, ed. New York, NY: Elsevier, 131-154.


Stephen P. Magee and Christopher S. P. Magee. 2003. The Effects of Rent Seeking on Economic Development: An Increasing Divergence Between Rich and Poor Countries?, in Development and Democracy, Sunder Ramaswamy and Jeffrey W. Cason, eds. Hanover, VT: Middlebury College Press.


Stephen P. Magee and Christopher S. Magee. 2002. Rent Seeking and Development, in Progress in Economics Research: Volume II, Albert Tavidze, ed. New York, NY: Nova Science Publishers.


Stephen P. Magee and Hak-Loh Lee. 2001. Endogenous Tariff Creation and Tariff and Diversion in a Customs Union. European Economic Review 45, 495-518.


Stephen P. Magee. 2000. Bioeconomics: Lessons for Business, Nations and Life, in The Complexity Vision, David C. Colander, ed. Northampton, MA: Edward Elgar.


Changkyu Choi and Stephen P. Magee. 2000. Legal Predation, the Trade Balance and the Current Account in a Dynamic Open Economy: Theory and Evidence, in Electronic Proceedings of a Conference at the University of Chicago, John Bilson and Stephan Schoess, eds.


Stephen P. Magee. 2000. Technology and Capital Market Theory: Evidence for Aliber's Theory of Direct Foreign Investment, in Electronic Proceedings of a Conference at the University of Chicago, John Bilson and Stephan Schoess, eds.


Stephen P. Magee and Hak-Loh Lee. 1999. Endogenous Regionalism's Free-Trade Bias: Special Interests in the EEC, 1968-1983, in Organized Interests and Self-Regulation, Bernardo Bortolotti and Gianluca Fiorentini, eds. New York, NY: Oxford University Press.


Stephen P. Magee. 1997. Endogenous Protection: The Empirical Evidence, in Perspectives on Public Choice: A Handbook, Dennis C. Mueller, ed. New York, NY: Cambridge University Press.


Nakgyoon Choi and Stephen P. Magee. 1997. Estimates of U.S. Trade Lobbying from an Endogenous Tariff Model, 1958-87, in An Empirical Analysis of International Trade Policy, Nakgyoon Choi, ed. New York, NY: Garland.


Nakgyoon Choi and Stephen P. Magee. 1997. Returns to Politics in Developing Countries, in An Empirical Analysis of International Trade Policy, Nakgyoon Choi, ed. New York, NY: Garland.


Nakgyoon Choi and Stephen P. Magee. 1996. Increasing Returns to Politics in Developing Countries: Endogenous Protection in the Fixed-Factor Model, in The Political Economy of Conflict and Appropriation, Michelle Garfinkel and Stergios Skaperdas, eds. Cambridge, MA: Cambridge University Press.


Stephen P. Magee. 1995. The multinational paradigm. Journal of Economic Literature 33, 220-21.


Stephen P. Magee. 1994. Endogenous Protection and Real Wages, in The Stolper-Samuelson Theorem: A Golden Jubilee, Alan Deardorff and Robert M. Stern, eds. Ann Arbor, MI: University of Michigan Press.


Stephen P. Magee. 1993. Bioeconomics and the Survival Model: The Economics Lessons of Evolutionary Biology. Public Choice 77, 117-132.


Stephen P. Magee. 1993. The Political Economy of Trade Policy: A Survey, in Surveys in International Trade, David Greenaway and Alan Winters, eds. 139-176.


Stephen P. Magee. 1992. Roundtable on U.S. Risk Capital and Innovation, With a Look at Western Europe. Journal of Applied Corporate Finance 4, 48-78.


Stephen P. Magee. 1992. The Effect of Income and Prices on Protection and Rent Seeking in the U.S. in Aggregation, Consumption and Trade: Essays in Honor of H.S. Houthakker, Louis Philips and Lester D. Taylor, eds. Netherlands: Kluwer.


Stephen P. Magee. 1992. The Optimum Number of Lawyers: A Reply to Epp. Law and Social Inquiry 17, 667-693.


Stephen P. Magee, Leslie Young, and William A. Brock. 1992. The Progressivity of Endogenous Tariff Policy in General Equilibrium, in Industrial Policy and International Trade, J. Kimball Dietrich, ed. Greenwich, CT: JAI Press.


Stephen P. Magee. 1991. A Taxing Matter: The Negative Effect of Lawyers on Economic Activity. International Economic Insights 2, 34-35+cover.


Stephen P. Magee. 1990. The Decade Effect: The Stock Market Malaise of the 1990s, in The Japanese Business Study Program: Trade, Foreign Investment and Competition, Hirofumi Matsuo, ed. Austin, TX: University of Texas.


Stephen P. Magee, William A. Brock, and Leslie Young. 1989. Black Hole Tariffs and Endogenous Policy Theory: Political Economy in General Equilibrium. New York, NY: Cambridge University Press.


Stephen P. Magee and Thomas H. Noe. 1989. Economic Policy Failure with Endogenous Voting. Hong Kong Economic Papers 19, 9-12.


Stephen P. Magee. 1989. The Competence Theory of Comparative Advantage, in The Internationalization of U.S. Markets, David B. Audretsch and Michael P. Claudon, eds. New York, NY: New York University Press.


Stephen P. Magee. 1988. A Review of Robert Baldwin's the Political Economy of U.S. Import Policy. Journal of Economic Literature 26, 1206-1207.


Kofi Amoateng and Stephen P. Magee. 1988. Third World Debt and Endogenous Taxation. Journal of Economics and International Relations 2, 277-286.


Stephen P. Magee and Leslie Young. 1987. Endogenous Protection in the U.S. 1900-1984, in Trade Policy in the 1980s, Robert M. Stern, ed. Cambridge, MA: MIT Press.


Stephen P. Magee. 1987. The Political Economy of U.S. Protectionism, in Free Trade in the World Economy, Herbert Giersch, ed. Tubingen: Mohr Press.


Leslie Young and Stephen P. Magee. 1986. Endogenous Protection, Factor Returns and Resource Allocation. Review of Economic Studies 53, 407-419.


Stephen P. Magee and William A. Brock. 1986. Third World Debt and International Capital Market Failure as a Consequence of Redistributive Political Risk Sharing, in World Debt Crisis, Michael Claudon, ed. New York, NY: Ballinger.


William A. Brock and Stephen P. Magee. 1984. Endogenous Tariff Theory: A Survey, in Neoclassical Political Economy: The Economics of Rent Seeking and DUP Activities, David Colander, ed. New York, NY: Ballinger.


William A. Brock and Stephen P. Magee. 1984. The Invisible Foot and the Waste of Nations, in Neoclassical Political Economy: The Economics of Rent Seeking and DUP Activities, David Colander, ed. New York, NY: Ballinger.


Stephen P. Magee and William A. Brock. 1983. A Model of Politics, Tariffs and Rent Seeking in General Equilibrium, in The Problems of Developed Countries and the International Economy, Burton Weisbrod and Helen Hughes, eds. London: Macmillan.


Stephen P. Magee and Leslie Young. 1983. Multinationals, Tariffs and Capital Flows with Endogenous Politicians, in The Multinational Corporation in the 1980s, Charles P. Kindleberger and David Audretsch, eds. Cambridge, MA: MIT Press.


Stephen P. Magee. 1982. 'Comment' on Robert Baldwin's 'The Political Economy of Protectionism', in Import Competition and Response, Jagdish Bhagwati, ed. Chicago, IL: University of Chicago Press.


William A. Brock and Stephen P. Magee. 1982. The Bang-Bang Model of Public Utility Regulation in Intertemporal General Equilibrium, in Telecommunications Policy Handbook, Jorge Schement, Felix Gutierrez, and Marvin Sirbu, eds. New York, NY: Praeger Scientific Publishers.


Stephen P. Magee. 1981. The Appropriability Theory of the Multinational Corporation. The Annals 458, 123-135.


Stephen P. Magee. 1980. 'Comment' on John Parker's 'Pharmaceuticals and Third World Concerns', in The International Supply of Medicines, Robert B. Helms, ed. Washington, D.C.: American Enterprise Institute.


Stephen P. Magee. 1980. International Trade. Reading, MA: Addison-Wesley.


Stephen P. Magee. 1980. Proteccionismo, in Proceedings of a Conference on International Economic Restrictions, Madrid, 33-44.


Ramesh K S Rao and Stephen P. Magee. 1980. The Currency of Denomination of International Trade Contracts, in Exchange Risk and Exposure: Current Developments in International Financial Management, Richard M. Levich and Clas G. Wihlborg, eds. Lexington, MA: Lexington Books.


Stephen P. Magee. 1980. Theoretical Picturemetrics and Macho Policynomics: The Princeton Series of 1977. Journal of International Economics 10, 129-133.


Stephen P. Magee and Ramesh K S Rao. 1980. Vehicle and Non-Vehicle Currencies in International Trade. American Economic Review 70, 368-373.


Stephen P. Magee. 1979. A Two-Parameter Purchasing Power Parity Measure of Arbitrage in International Goods Markets Under Fixed and Flexible Exchange Rates, in Trade and Payments Adjustment Under Flexible Exchange Rates, John Martin and Alasdir Smith, eds. London: Macmillan.


Stephen P. Magee. 1979. Jobs and the Multinational Corporation: The Home-Country Perspective, in The Economic Effects of Multinational Firms, Robert Hawkins, ed. Greenwich, CT: JAI Press.


William A. Brock and Stephen P. Magee. 1979. Tariff Setting in a Democracy, in Current Issues in Commercial Policy and Diplomacy, John Black and Brian Hindley, eds. London: Macmillan Press.


Stephen P. Magee. 1979. Twenty Paradoxes in International Trade Theory, in International Trade and Agriculture: Problems and Policies, Jimmye S. Hillman and Andrew J. Schmitz, eds. Lincoln, NE: University of Nebraska Press.


Stephen P. Magee. 1978. Contracting and Spurious Deviations From Purchasing-Power Parity, in Studies in the Economics of Exchange Rates, J.A. Frenkel and H.G. Johnson, eds. Boston, MA: Addison-Wesley.


William A. Brock and Stephen P. Magee. 1978. The Economics of Special Interest Politics: The Case of the Tariff. American Economic Review 68, 246-250.


Stephen P. Magee and Norman I. Robins. 1978. The Raw Material Product Cycle, in Mineral Resources in the Pacific Area, Lawrence B. Krause and Hugh Patrick, eds. San Francisco, CA: Federal Reserve Bank of San Francisco.


Stephen P. Magee. 1978. Three Simple Tests of the Stolper-Samuelson Theorem, in Issues in International Economics, Peter Oppenheimer, ed. London: Oriel Press.


Stephen P. Magee. 1977. Application of the Dynamic Limit Pricing Model to the Price of Technology and International Technology Transfer, in Optimal Policies, Control Theory and Technology Exports, Karl Brunner and Allan H. Meltzer, eds. New York, NY: North-Holland.


Stephen P. Magee. 1977. Empirical Evidence on the Monetary Approach and Some Observations on Alternative Exchange Rate Systems. Portfolio 4.


Stephen P. Magee. 1977. Information and the Multinational Corporation: An Appropriability Theory of Direct Foreign Investment, in The New International Economic Order: The North-South Debate, J. Bhagwati, ed. Cambridge, MA: MIT Press.


Stephen P. Magee. 1977. Multinational Corporations, the Industry Technology Cycle and Development. Journal of World Trade Law 11, 297-321.


Stephen P. Magee. 1976. Empirical Evidence on the Monetary Approach to the Balance of Payments and Exchange Rates. American Economic Review 66, 163-170.


Stephen P. Magee. 1976. International Trade and Distortions in Factor Markets. New York, NY: Marcel-Dekker.


Stephen P. Magee. 1975. Prices, Income and Foreign Trade, in International Trade and Finance: Frontiers for Research, Peter B. Kenen, ed. New York, NY: Cambridge University Press.


Stephen P. Magee. 1975. U.S.-Japanese Automobile Diplomacy. Journal of Business 48, 575-577.


Stephen P. Magee. 1974. U.S. Import Prices in the Currency Contract Period. Brookings Papers On Economic Activity 1, 117-174.


Stephen P. Magee. 1973. Currency Contracts, Pass-Through and Devaluation. Brookings Papers on Economic Activity 1, 303-323.


Stephen P. Magee. 1973. Factor Market Distortions, Production and Trade: A Survey. Oxford Economic Papers 25, 1-43.


Stephen P. Magee and William F. Ford. 1972. Environmental Pollution, the Terms of Trade and Balance of Payments of the United States. Kyklos 25, 108-118.


Stephen P. Magee. 1972. Financial Capital Flows in the U.S. Balance of Payments. Journal of The American Statistical Association 67, 712-713.


Stephen P. Magee. 1972. The Welfare Effects of Restriction on U.S. Trade. Brookings Papers on Economic Activity 3, 645-701.


Stephen P. Magee. 1972. United States Merchandise Trade in 1972. Chicago, IL: Federal Reserve Bank of Chicago.


Stephen P. Magee. 1971. Factor Market Distortions, Production, Distribution and the Pure Theory of International Trade. Quarterly Journal of Economics 85, 623-643.


Horst Herberg, Murray Kemp, and Stephen P. Magee. 1971. Factor Market Distortions, the Reversal of Relative Factor Intensities, and the Relation Between Product Prices and Equilibrium Outputs. Economic Record 47, 518-530.


Stephen P. Magee. 1970. Multinational Business. California Management Review 13, 89-94.


H.S. Houthakker and Stephen P. Magee. 1969. Income and Price Elasticities in World Trade. Review of Economics and Statistics 51, 111-125.