Economic Efficiency in Law and Economics (New Horizons in Law and Economics series) - Softcover

Zerbe, Richard O.

Softcover

ISBN 10: 184064611X ISBN 13: 9781840646115

Publisher: Edward Elgar Publishing Ltd, 2002

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.

About this title

Review:

`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

Synopsis:

In this text Zerbe introduces a way to think about the concept of economic efficiency that is both consistent with its historical derivation and more useful than contemporary concepts. He establishes an expanded version of Kaldor-Hicks efficiency as an axiomatic system that performs the tasks of: allowing an expanded range for efficiency analysis; and estabilshing the conditions under which economists can reasonably say that some state of the world is inefficient. He then applies the analysis to a number of hard and interesting cases, including the economics of duelling, cannibalism and rape. He develops a theory of common law efficiency and indicates the circumstances under which a common law will be inefficient.

About this edition

• Publisher: Edward Elgar Publishing Ltd
• Publication date: 2002
• ISBN 10: 184064611X
• ISBN 13: 9781840646115
• Binding: Paperback
• Number of pages: 336