Law and Economics

Hardcover | October 1, 2010

EditorSatish K. Jain

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Economic analysis of law has been preoccupied by considerations of efficiency and often regards values and individual preferences to be independent of social institutions. This volume analyses the flaws in such an approach by pointing out the incommensurability of fundamental societal valuesin the context of the institutional structure. Given that individual preferences and values and social values impact each other in the context of an institutional structure, the book recognizes that a comprehensive theory of law must contend with (i) whether the institutional structure admits anequilibrium of individual and social values; and (ii) if there is an equilibrium, then what the extent of divergence is under it between the realized social values and the desired values.

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Economic analysis of law has been preoccupied by considerations of efficiency and often regards values and individual preferences to be independent of social institutions. This volume analyses the flaws in such an approach by pointing out the incommensurability of fundamental societal valuesin the context of the institutional structure...

Satish K. Jain is Professor of Economics, Centre for Economic Studies and Planning, School of Social Sciences at Jawaharlal Nehru University.

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Format:HardcoverDimensions:416 pages, 8.46 × 5.51 × 0.98 inPublished:October 1, 2010Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198067739

ISBN - 13:9780198067733

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Table of Contents

IntroductionSection 1:Richard A. Posner: Perspectives on Efficiency of Common LawPaul H. Rubin: Wealth Maximization RevisitedWhy is the Common Law Efficient?Section 2:John Prather Brown: Alternative Formulations of the Notion of NegligenceMark F. Grady: Toward an Economic Theory of LiabilitySatish K. Jain: A New Positive Economic Theory of NegligenceEfficiency of Liability Rules: A ReconsiderationSection 3:Harold Demsetz: Liability Rules: Efficiency and Some Strategic AspectsSatish K. Jain and Ram Singh: When Does the Rule of Liability Matter?John Prather Brown and William L. Holahan: Efficient Liability Rules: Complete CharacterizationAlfred Endres: Taxes and Legal Rules for the Control of Externalities When There Are Strategic ResponsesStrategic Behavior under Tort LawSection 4:Kaushik Basu: Law and Economics of Child LabourJane Humphris: Compacts, Conventions, and Codes: Initiatives for Higher International Labor StandardsLessons from the Historical Experience of Today's Industrial EconomiesSection 5:Steven Shavell: Law, Liability and RegulationEric A. Posner: Liability for Harm versus Regulation of SafetyStandards, Rules, and Social NormsSection 6:Cass Sunstein: Law, Governance and ValuesA. K. Sen: Conflicting Values in LawDemocracy as a Universal Value