ENGLISH

Economic Efficiency in Law and Economics

By Richard O. Zerbe

Book information

Publisher
Edward Elgar
Year
2001
ISBN
1840643013, 9781840643015
Open Library ID
OL12563601M
Language
english
Format
PDF
Filesize
3 MB (2643798 bytes)
Pages
335\335
Scanned
yes
Time added
2011-08-31 04:54:40

Description

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 dueling, 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.

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