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Economic Efficiency in Law and Economics

New Horizons in Law and Economics Series

By (author) Richard O. Zerbe
Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 25th May 2001
Dimensions: w 234mm h 156mm d 20mm
Weight: 416g
ISBN-10: 1840643013
ISBN-13: 9781840643015
Barcode No: 9781840643015
Synopsis
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.

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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