[PDF] Economic Efficiency In Law And Economics eBook

Author : Richard O. Zerbe
Publisher : Edward Elgar Publishing
Page : 334 pages
File Size : 47,1 MB
Release : 2002-01-01
Category : Law
ISBN : 1843761483

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Economic Efficiency in Law and Economics is an interesting and worthwhile book. Megan Richardson, Economic Record Zerbe s new book is high-powered and potentially important. Bill Goodman, Monthly Labor Review In this path-breaking book, Richard Zerbe introduces a new way to think about the concept of economic efficiency that is both consistent with its historical derivation and more useful than concepts currently used. He establishes an expanded version of Kaldor Hicks efficiency as an axiomatic system that performs the following tasks: the new approach obviates certain technical and ethical criticisms that have been made of economic efficiency; it answers critics of efficiency; it allows an expanded range for efficiency analysis; it establishes the conditions under which economists can reasonably say that some state of the world is inefficient. He then applies the new analysis to a number of hard and fascinating cases, including the economics of duelling, cannibalism and rape. He develops a new theory of common law efficiency and indicates the circumstances under which the common law will be inefficient. The book will be of great interest to scholars, students, and practitioners interested in the concept of economic efficiency and how it should be applied to law and economics.

Author : Richard O. Zerbe
Publisher :
Page : 0 pages
File Size : 29,1 MB
Release : 2014
Category : Cost effectiveness
ISBN : 9781781953198

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This collection brings together the key papers in the area of efficiency in law and economics. Alongside an original introduction, the collection covers the applications of economic efficiency to law and the limitations and morality of efficiency. This important book will appeal to anyone interested in the underlying welfare theory relating to the use of economics in law, examining both the history and impact of the theory, as well as its deficiencies.

Author : Richard O. Zerbe
Publisher :
Page : 622 pages
File Size : 38,48 MB
Release : 2014
Category : Cost effectiveness
ISBN : 9781784713362

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This collection brings together the key papers in the area of efficiency in law and economics. Alongside an original introduction, the collection covers the applications of economic efficiency to law and the limitations and morality of efficiency. This important book will appeal to anyone interested in the underlying welfare theory relating to the use of economics in law, examining both the history and impact of the theory, as well as its deficiencies.--Résumé de l'éditeur.

Author : Klaus Mathis
Publisher : Springer Science & Business Media
Page : 222 pages
File Size : 31,68 MB
Release : 2009-03-18
Category : Law
ISBN : 1402097980

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Economic analysis of law is an interesting and challenging attempt to employ the concepts and reasoning methods of modern economic theory so as to gain a deeper understanding of legal problems. According to Richard A. Posner it is the role of the law to encourage market competition and, where the market fails because transaction costs are too high, to simulate the result of competitive markets. This would maximize economic efficiency and social wealth. In this work, the lawyer and economist Klaus Mathis critically appraises Posner’s normative justification of the efficiency paradigm from the perspective of the philosophy of law. Posner acknowledges the influences of Adam Smith and Jeremy Bentham, whom he views as the founders of normative economics. He subscribes to Smith’s faith in the market as an ideal allocation model, and to Bentham’s ethical consequentialism. Finally, aligning himself with John Rawls’s contract theory, he seeks to legitimize his concept of wealth maximization with a consensus theory approach. In his interdisciplinary study, the author points out the possibilities as well as the limits of economic analysis of law. It provides a method of analysing the law which, while very helpful, is also rather specific. The efficiency arguments therefore need to be incorporated into a process for resolving value conflicts. In a democracy this must take place within the political decision-making process. In this clearly written work, Klaus Mathis succeeds in making even non-economists more aware of the economic aspects of the law.

Author : Thomas J. Miceli
Publisher : Stanford University Press
Page : 803 pages
File Size : 28,48 MB
Release : 2017-10-17
Category : Business & Economics
ISBN : 1503604578

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Master teacher Thomas J. Miceli provides an introduction to law and economics that reveals how economic principles can explain the structure of the law and make it more efficient. The third edition of this seminal textbook is thoroughly updated to include recent cases and the latest scholarship, with particular attention paid to torts, contracts, property rights, and the economics of crime. A new chapter organization, ideal for quarter- or semester-long courses, strengthens the book's focus on unifying themes in the field. As Miceli tells a cohesive, analytical "story" about law from a distinctly economic perspective, exercises and problems encourage students to deepen their knowledge. A companion website is available at http://www.sup.org/economiclaw. It offers a full suite of resources for both students and professors. Key pedagogical features include cases; discussion points that provide additional analysis of topics in the book; graduate notes, which enrich the text for more advanced readers; and relevant links. Professors have access to sample syllabi for undergraduate and graduate courses and an instructor's manual, which provides answers to all of the end-of-chapter questions and problems in the book.

Author : Richard S. Markovits
Publisher : Yale University Press
Page : 520 pages
File Size : 34,64 MB
Release : 2008-10-01
Category : Business & Economics
ISBN : 0300145225

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Is economic efficiency a sound basis upon which to make public policy or legal decisions? In this sophisticated analysis, Richard S. Markovits considers the way in which scholars and public decision-makers define, predict, and assess the moral and legal relevance of economic efficiency. The author begins by identifying imperfections in the traditional definition of economic efficiency. He then develops and illustrates an appropriate response to Second-Best Theory and investigates the moral and legal relevance of economic-efficiency analyses. Not only do virtually all economic, legal, and public policy thinkers misdefine economic efficiency, the author concludes, they also ignore or respond inadequately to Second-Best Theory when analyzing the economic efficiency of public choices and misassess the relevance of economic-efficiency conclusions both for moral evaluations and for the answer to legal-rights questions that is correct as a matter of law.

Author : Nicholas Mercuro
Publisher : Springer Science & Business Media
Page : 268 pages
File Size : 35,10 MB
Release : 2012-12-06
Category : Business & Economics
ISBN : 9400910797

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The character of economic life] in a society is dependent upon, among 2 other things, its political-legal-economic institutional setting. Within that institutional structure, the individuals who comprise that society attempt to cooperate with one another to their mutual advantage so as to accommodate their joint utility-maximizing endeavors. In addition, these same individuals call upon certain societal institutions to adjust the con flicting claims of different individuals and groups. In this regard, a society is perceived as both a cooperative venture for mutual advantage where there are an identity of interests and, as well, an arena of conflict where there exists a mutual interdependence of conflicting claims or interests. The manner in which a society structures its political-legal-economic institutions 1) to enhance the scope of its cooperative endeavors and 2) to channel internal political-legal-economic conflicts toward resolution, shapes the character of economic life in that society. In contemplating the structure of its institutions intended to promote cooperation and channel conflict, a society confronts several issues. At the most general level an enduring issue is how a society both perceives and then ideologically transmits (perhaps teaches or rationalizes), inter nally and/or externally, its perceptions of so-called "cooperative en deavors" and "arenas of conflict." There can be no doubt that the resultant structure of a society's institutions will reflect that society's perception as to what cooperation entails and what conflict constitutes.

Author : Jenny B. Wahl
Publisher : Routledge
Page : 402 pages
File Size : 41,18 MB
Release : 2013-09-13
Category : Law
ISBN : 1135686211

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This title aims to explain (and criticize) the economic approach to law by covering economic analysis in property and criminal law. To save the time of the reader not wanting to relearn multivariate calculus with each section, this title provides comprehensive bibliographies and highlights major contributions in the introductions to each volume. A key overview for students of economy and law to gain a broad understanding of how to approach these themes in practice.

Author : Gregory S. Crespi
Publisher :
Page : 52 pages
File Size : 17,97 MB
Release : 2016
Category :
ISBN :

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Law and Economics courses taught in law schools are sometimes criticized for inadequately explaining the normative criterion of “economic efficiency” and then applying this criterion throughout the course in a superficial and biased manner that pejoratively labels most governmental market interventions and wealth redistribution measures as inefficient. These criticisms have merit, and in this brief article I point out a significant number of conceptual problems, empirical difficulties and normative shortcomings of the efficiency criterion that one needs to understand in order to be able to effectively counter policy arguments that rest upon efficiency assessments. The specific shortcomings of the efficiency criterion that I address in this brief essay are the pervasiveness of severe data limitations that render efficiency assessments unreliable, the lack of clarity as to whether willingness to pay should be measured by offer prices or instead by asking prices, the difficulty of obtaining honest and accurate responses as to willingness to pay from the persons surveyed, uncertainty as to the appropriate discount rate that should be used for discounting future policy consequences, the problem posed by endogenous preferences, the problem posed by the often-overlooked “problem of person-altering consequences,” the problematic nature of using willingness to pay as a measure of social value, and finally, the problematic nature of using a normative criterion that does not give special primacy to rights.

Author : Susan Dimock
Publisher :
Page : 15 pages
File Size : 44,12 MB
Release : 2013
Category :
ISBN :

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Law and economics is an approach to law, developed primarily in the United States but currently being actively pursued in research centers in many countries. The central claim of law and economics is that law serves the goal of economic efficiency: law is best seen as a tool for wealth-maximization in society. This is especially so for branches of the common law such as the law of torts, contract, and property, but also for criminal law; I briefly examine all four.In part because law and economics is a relatively new field, and in part because economic theory itself is far from settled, the law and economics label encompasses many different views. In what follows, I offer a fairly ambitious version of this broad approach to the study of law. Much of what I say here follows the views of Richard A. Posner, an American judge and jurisprudent who has been the principal advocate of the economic analysis of law. However, the view presented is not that of any particular representative of the theory, including Posner himself, and many defenders of the economic approach to law might disagree with some of the details of my exposition. My goal is merely to present an overview of the general approach, to illustrate the kinds of questions it raises as much as to describe the specific answers it might give to them.