The subject of law and economics, be it in the context of a nation state or the globalized world economy, addresses a host of important policy questions. However, much of this analysis and practical policy discourse is founded in welfare economics and moral philosophy. This third volume ofKaushik Basu's collected papers in theoretical economics, brings these disciplines together. This volume focuses on welfare economics, law and economics, and the making of global economic policy. The volume covers abstract topics such as the content and scope of utilitarianism and the trade-off between inter-generational equity and the Pareto principle. At the same time it addresses urgent contemporary concerns such as the possibility of common international labour standards, elimination ofchild labour, and the problem of growing inequality in today's globalized world. Several papers address matters of direct concern to developing countries, especially in the context of global policymaking.