The Theory of “Efficient Breach”: A Jewish Law Perspective

2010 ◽  
pp. 339-360
Author(s):  
Ronald Warburg
Keyword(s):  
Economic Efficiency ◽  
Law And Economics ◽  
Moral Norm ◽  
Legal Norm ◽  
Jewish Law ◽  
Distinguishing Characteristic ◽  
Moral Norms ◽  
Inside Information ◽  
Human Organs ◽  
The Law

This article focuses on the theory of efficient breach from the perspective of the Jewish law. The law and economics schools of thought have advanced a number of controversial claims in the name of economic efficiency—from promoting trading on inside information to providing markets for the sale of human organs—but none may be as provocative and challenging as the argument of entitlement and economic efficiency underlying the theory of “efficient breach.” This article explains various Jewish laws such as halakhah. Halakhah distinguishes between legal and moral norms. The distinguishing characteristic between them is enforceability. Whereas a halakhic-legal norm is enforceable by a bet din, compliance with a halakhic moral norm is dependent upon individual volition. There are two components required in the undertaking of an obligation: effectuating a kinyan and gemirat da'at. This article further elaborates upon every other clause pertaining to Jewish law and Judaism which concludes this article.

scholarly journals EFISIENSI EKONOMI SEBAGAI REMEDY HUKUM

2013 ◽  
Vol 9 (18) ◽  
Author(s):  
Fajar Sugianto
Keyword(s):  
Economic Efficiency ◽  
Law And Economics ◽  
Legal Norm ◽  
Economic Approach ◽  
The Law

Law and Economics as a branch of Jurisprudence offers economic efficiency as a legal norm that guides the activities of the law. Under proper coceptualization, economic efficiency also helps to examine, evaluate, as well as valuating law and the jurisprudence. In this paper, one of the forms of economic efficiency is applied as the economic approach to law to distribute in which the law must be able to stipulate all the profit produced. In this case, economic efficiency made the law as an incentive to alter behavior as well as directing and maintaining them in accordance with the purpose of the law. The remedy of law through economic efficiency aims at revealing important aspects as the essence of definitive foundation of  jurisprudence.Key words:  economic efficiency, incentive, remedy.

scholarly journals EFISIENSI EKONOMI SEBAGAI REMEDY HUKUM

2014 ◽  
Vol 8 (1) ◽  
pp. 61-72
Author(s):  
Fajar Sugianto Sugianto
Keyword(s):  
Rule Of Law ◽  
Economic Efficiency ◽  
Law And Economics ◽  
Expected Profit ◽  
Economic Approach ◽  
The Rule Of Law ◽  
Human Behaviors ◽  
The Law

Abstrak Hukum dan Ekonomi merupakan salah satu disiplin dalam ilmu hukum yang menawarkan pengutamaan efisiensi ekonomi sebagai kaidah hukum dalam mengarahkan praktik hukum. Dengan melakukan konseptualisasi lebih lanjut, efisiensi ekonomi juga membantu dalam menilai dan melakukan penilaian terhadap hukum. Salah satu bentuk efisiensi ekonomi dalam tulisan ini adalah pendekatan ekonomis terhadap hukum dalam merumuskan keuntungan yang dihasilkan hukum. Dalam hal ini efisiensi ekonomi mengubah hukum sebagai insentif dalam mengubah perilaku manusia seperti halnya mempertahankan perilaku yang sudah sejalan dengan tujuan-tujuan hukum. Hukum seyogianya menentukan upaya perbaikan melalui penghukuman dan penghargaan sebagai insentif untuk mengungkap aspek-aspek tertentu atau krusial dari ilmu hukum.Abstract Law and Economics is one of the disciplines in the jurisprudence that offers the primacy of economic efficiency as the rule of law in directing the practice of law. With further conceptualization, economic efficiency is also useful in judging and assessing the law. One relevant form of economic efficiency discussed in this paper is the economic approach to law in formulating the expected profit of the law. In this case, economic efficiency transforms law into an incentive to change human behaviors as well as to maintain certain behaviors that are already in line with the objectives of the law. Laws should determine remedies by way of punishment and rewards as an incentive to reveal certain crucial aspects of jurisprudence.

Moral Norms, Adaptive Preferences, and Hedonic Psychology

2021 ◽  
Vol 22 (2) ◽  
pp. 35-54
Author(s):  
Jonathan S. Masur
Keyword(s):  
Economic Theory ◽  
Human Behavior ◽  
Law And Economics ◽  
Moral Norm ◽  
Moral Norms ◽  
Adaptive Preferences ◽  
The Government ◽  
Behavioral Law And Economics ◽  
Hedonic Approach

Abstract In a series of important papers published roughly twenty years ago, Professor Robert Cooter developed a comprehensive economic theory of moral norms. He explained the value of those norms, described the process by which norms are adopted, and offered a set of predictions regarding the circumstances under which an individual will choose to adopt a particular moral norm. This brief Article applies behavioral law and economics and hedonic psychology to expand upon Professor Cooter’s path-breaking theory. In particular, understanding welfare in hedonic terms — rather than preference-satisfaction terms — suggests a multitude of further situations in which individuals will justifiably seek to internalize moral norms. The hedonic approach to welfare then further suggests an enhanced role for the government to play in encouraging the adoption of welfare-enhancing norms. Cooter’s theory, combined with modern understandings of welfare and human behavior, thus offers powerful predictive and prescriptive possibilities.

On One Aspect of Law and Morals in Jewish Law: Lifnim Mishurat Hadin

1978 ◽  
Vol 13 (3) ◽  
pp. 359-390 ◽  
Author(s):  
Shmuel Shilo
Keyword(s):  
Moral Values ◽  
Moral Norm ◽  
The Other ◽  
Ethical Behaviour ◽  
Jewish Law ◽  
Moral Norms ◽  
Moral Behaviour ◽  
Full Discussion ◽  
Ethical Norms ◽  
The Difference

In Talmudic literature the term lifnim mishurat hadin (i.e., beyond the line of the law) is mentioned a number of times. Before analyzing the various Talmudic passages where this concept is found, we will ask a number of questions, some of which we will answer in this article. Not all of the answers will be unequivocal and some questions will remain, in the end, provocative and open. Hopefully, the paper will encourage further discussion of the concept lifnim mishurat hadin.Is lifnim mishurat hadin a specific norm of behaviour which can be precisely defined, or is it rather a concept referring to recommended ethical behaviour, similar to general moral values and examples of ethical behaviour which abound in the Talmud but which have no clearly definable characteristics? If we conclude that lifnim mishurat hadin is indeed a precisely defined norm of behaviour does it stand on its own as a specific type of moral behaviour, or is it synonymous with certain other moral norms, dinei shamayim (the Laws of Heaven), midat hassidut (the degree of ethical perfection of men of piety and virtue) or one of the other ethical norms found in the Talmudic sources? If lifnim mishurat hadin is not just another term for some other moral norm, what is the difference between them? (A reasoned answer to this question cannot be given without a full discussion of all the other moral norms in the Talmud; therefore in this article we will only suggest approaches to answering this question). Are there differences of degree within the norm of lifnim mishurat hadin itself? Are there types of behaviour recorded in the Talmud, about which the phrase lifnim mishurat hadin is not used, but which are in fact examples of behaviour lifnim mishurat hadin? If so, is there a reason why such actions were not explicitly described as lifnim mishurat hadin?

scholarly journals Liability for Negligently Performed Financial Services: An Economic Theory

1996 ◽  
Vol 26 (1) ◽  
pp. 71
Author(s):  
James D Palmer
Keyword(s):  
Economic Theory ◽  
Economic Efficiency ◽  
Financial Services ◽  
Law And Economics ◽  
Legal Reasoning ◽  
Financial Service ◽  
Economic Losses ◽  
Economic Approach ◽  
Legal Analysis ◽  
The Law

The law governing the recovery of negligently inflicted pure economic losses is complex and confusing. This article focuses on pure economic losses caused by negligently performed financial services, and considers whether a "law and economics" approach provides a superior framework for analysing the desirability of imposing negligence liability than that provided by traditional legal analysis. The article first discusses the law regarding negligently performed financial services and critiques the legal reasoning used to justify restricted liability. The author then introduces the law and economics approach to negligence liability. The special considerations which apply when a loss is purely economic and caused by a carelessly performed financial service are then analysed. Finally, a rule of discovery based on the economic analysis is presented, and its application is discussed with respect to some of the leading cases. The author concludes that the economic approach provides a powerful set of tools capable of explaining the major decisions in this area in terms of economic efficiency and wealth maximisation. It provides a clearer understanding of the factors that determine what the appropriate restrictions are, and is thus more convincing for determining liability than traditional legal analysis. 

scholarly journals Prawo — sprawiedliwe czy efektywne ekonomicznie?

2016 ◽  
Vol 19 ◽  
pp. 27-37
Author(s):  
Krzysztof Balczunas
Keyword(s):  
Economic Efficiency ◽  
Law And Economics ◽  
The Law

Law — fair or economically efficient?The article presents the stance in adiscussion about the axiological preferences that should be considered by the legislator while enacting the law. In the light of growing importance of law and economics, the author makes an attempt to answer the question about which of the values — economic efficiency or justice — the organs issuing but also using law, should give primacy.The author presents different views on the meanings for justice and economic efficiency. Then shows the most important factors to be considered while enacting the law, so it may be economically efficient. Following this, he contemplates if enactment of law that is only economically efficient is sufficient.In conclusion the author delineates the view that the law may neither be only economically efficient, nor only fair. The legislator has an obligation and apossibility to take under consideration in the legislation the economic and social — including fairness’ — effects of the enacted law.

The Law and Economics of the NCAA’s Claim to Monopsony Rights

2009 ◽  
Author(s):  
Jeffrey Lynch Harrison ◽  
Casey C. Harrison
Keyword(s):  
Law And Economics ◽  
The Law
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