Economic Efficiency in Law and Economics

Economic Efficiency in Law and Economics

by Richard O. Zerbe
     
 

ISBN-10: 184064611X

ISBN-13: 9781840646115

Pub. Date: 11/01/2002

Publisher: Elgar, Edward Publishing, Inc.

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 efficency as an axiomatic system that performs the following tasks: the new approach obviates certain technical and ethical…  See more details below

Overview

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 efficency 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. He develops a new theory of common law efficiency and indicates the circumstances under which the common law will be inefficient.

Product Details

ISBN-13:
9781840646115
Publisher:
Elgar, Edward Publishing, Inc.
Publication date:
11/01/2002
Series:
New Horizons in Law and Economics Series
Pages:
336
Product dimensions:
6.10(w) x 9.10(h) x 0.80(d)

Table of Contents

1History of the concept of economic efficiency1
2The foundation: A new measure for economic efficiency14
3The nature of economic efficiency34
4The nature of inefficiency65
5Rights and the relationship of law to efficiency84
6The problem of missing values in normative law and economic analysis134
7The failure of market failure164
8Of distributive justice and economic efficiency: An integrated theory of the common law188
9The efficiency of the common law: An economic analysis of dueling, cannibalism, the gold rush, racism, and antitrust law236
10A recapitulation291
References298
Name index321
Subject index325

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