scholarly journals Teaching About Economic Efficiency in Law and Economics Courses: Clarifying the Conceptual Problems, Empirical Difficulties, and Normative Biases of the Efficiency Criterion

2016 ◽  
Author(s):  
Gregory S. Crespi
Keyword(s):  
Economic Efficiency ◽  
Law And Economics ◽  
Efficiency Criterion ◽  
Conceptual Problems ◽  
Economics Courses

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.

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.

Critiques of Law and Economics

2017 ◽  
Author(s):  
David Driesen ◽  
Robin Paul Malloy
Keyword(s):  
Economic Efficiency ◽  
Law And Economics ◽  
Allocative Efficiency ◽  
Legal Argument ◽  
Scientific Justification ◽  
Rhetorical Form ◽  
Normative Value

This article summarizes leading critiques of law and economics. These critiques are grouped into three categories. The article first addresses concerns about the normative value of economic efficiency as a leading goal for law. It then addresses methodological criticisms, which often call into question the coherence of the allocative efficiency concept. Finally, it discusses the interpretive criticisms of law and microeconomics, which view law and economics as a rhetorical form and raises questions based on that view. Scholars have questioned the normative value of economic efficiency as a central goal of law. They have also challenged the coherence and objectivity of the methods used to assess economic efficiency. They have questioned the claim of economics as somehow providing a scientific justification for law, arguing instead that it constitutes a rhetorical form shifting the terms of legal argument and changing its outcomes.

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 Vertical Integration, Regulation, & The Shifting Of Economic Profits

2011 ◽  
Vol 3 (2) ◽  
pp. 94 ◽  
Author(s):  
Joseph P. Fuhr, Jr.
Keyword(s):  
Empirical Evidence ◽  
Vertical Integration ◽  
Economic Efficiency ◽  
Telecommunications Industry ◽  
Transfer Price ◽  
Product Lines ◽  
Efficiency Criterion ◽  
Regulatory Constraint

A model which shows how a vertically integrated, multiproduct regulated monopolist can shift its monopoly profits to its upstream nonregulated affiliate is developed. The model is expanded to include a self-imposed constraint on the percentage mark-up of the transfer price which makes the regulatory constraint binding. The telecommunications industry is examined to determine what empirical evidence exists to support the shifting of profits hypothesis. Competitors are foreclosed from the market based on the desire to shift profits not on an economic efficiency criterion. How a multiproduct regulated monopolist reacts to competition in one of its product lines is analyzed.

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.

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