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Efficiency in Law and Economics

Edited by Richard O. Zerbe,Daniel J. Evans Distinguished Professor and Director, Center for Benefit-Cost Analysis, University of Washington, US
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.
Extent: 656pp
Hardback Price: $343.00 Web: $308.70
Publication Date: 2014
ISBN: 978 1 78195 319 8
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  • Economics and Finance
  • Law and Economics
  • Law - Academic
  • Law and Economics
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.
21 articles, dating from 1958 to 2007
Contributors include: G. Calabresi, A.C. Harberger, J. Klick, A.T. Kronman, F. Parisi, R. Posner, J. Rawls, A. Schwartz, A. Sen, S. Shavell, J. Watson

Contents:

Acknowledgements

Introduction The Development of Economic Efficiency in Law - Richard O. Zerbe Jr.

PART I APPLICATIONS OF ECONOMIC EFFICIENCY TO LAW
1. Arnold C. Harberger (1971), ‘Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay’
2. Steven Shavell (1981), ‘A Note on Efficiency vs. Distributional Equity in Legal Rulemaking: Should Distributional Equity Matter Given Optimal Income Taxation?’
3. Louis Kaplow and Steven Shavell (1994), ‘Why the Legal System is Less Efficient than the Income Tax in Redistributing Income’
4. Jonathan R. Macey and Maureen O’Hara (1999), ‘Regulating Exchanges and Alternative Trading Systems: A Law and Economics Perspective’
5. Ugo Mattei (1994), ‘Efficiency in Legal Transplants: An Essay in Comparative Law and Economics’
6. Alan Schwartz and Joel Watson (2004), ‘The Law and Economics of Costly Contracting’

PART II LIMITATIONS OF EFFICIENCY
7. Robert D. Cooter (1987), ‘Liberty, Efficiency, and Law’
8. Homer Kripke (1985), ‘Law and Economics: Measuring the Economic Efficiency of Commercial Law in a Vacuum of Fact’
9. Mario J. Rizzo (1979-1980), ‘The Mirage of Efficiency’

PART III UTILITARIANISM AND WEALTH MAXIMIZATION
10. Richard A. Posner (1979), ‘Utilitarianism, Economics, and Legal Thought’
11. Anthony T. Kronman (1980), ‘Wealth Maximization as a Normative Principle’
12. Richard A. Posner (1985), ‘Wealth Maximization Revisited’

PART IV MORALITY OF EFFICIENCY
13. Richard O. Zerbe, Jr. (2007), ‘The Legal Foundation of Cost-Benefit Analysis’
14. Mark D. White (2006), ‘A Kantian Critique of Neoclassical Law and Economics’
15. Russell Hardin (1992), ‘The Morality of Law and Economics’
16. Richard O. Zerbe, Jr. (2006), ‘Justice and the Evolution of Common Law’

PART V OTHER CONCEPTS OF EFFICIENCY
17. John Rawls (1958), ‘Justice as Fairness’
18. Amartya Sen (1993), ‘Capability and Well-Being’
19. Guido Calabresi (1991), ‘The Pointlessness of Pareto: Carrying Coase Further’
20. Jonathan Klick and Francesco Parisi (2004), ‘Wealth, Utility, and the Human Dimension’
21. Richard O. Zerbe, Jr. (1998), ‘Response: An Integration of Equity and Efficiency’