Law and Economics (Themes in Economics) (Oxford in India Readings. Readers in Economics)

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9780198067733: Law and Economics (Themes in Economics) (Oxford in India Readings. Readers in Economics)

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 analyzes the flaws in such an approach by pointing out the incommensurability of fundamental societal values in 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 an equilibrium 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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Satish K. Jain is Professor of Economics, Centre for Economic Studies and Planning, School of Social Sciences, Jawaharlal Nehru University.

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Book Description Oxford University Press, New Delhi, India, 2010. Hardcover. Book Condition: New. Dust Jacket Condition: New. First Edition. Economic analysis of law, an area of intensive research for quite some time, has shown that a large part of law, particularly common law, is economically efficient. That is to say, most of law is such that it induces persons involved in interactions to act in ways which result in minimization of social costs of interaction. The results obtained by economists establishing efficiency characteristic of legal rules, standards, and procedures raise many important and difficult questions of interpretation. Is it the case that economic efficiency provides a unified explanation for law? Are efficiency and justice closely related values? Or is it the case that justice is merely another name for efficiency as has been claimed by some law and economics scholars? The readings of this collection introduce the reader to the method economists employ in analyzing law, the main results of law and economics literature establishing efficiency of judge-made law, and the divergent views pertaining to the interpretation of these results. The volume also contains discussion of possible conflict between the goal of economic efficiency on the one hand and the ideals of basic rights, democracy and the rule of law on the other. Printed Page: 325. Size: 15 x 23 Cm. Bookseller Inventory # 037521

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Book Description OUP India, India, 2010. Hardback. Book Condition: New. New.. Language: English . Brand New Book. 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 values in 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 an equilibrium 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. Bookseller Inventory # AMO9780198067733

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Book Description OUP India, India, 2010. Hardback. Book Condition: New. New.. Language: English . Brand New Book. 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 values in 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 an equilibrium 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. Bookseller Inventory # AMO9780198067733

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Book Description Oxford Univ Pr, 2010. Hardcover. Book Condition: Brand New. 1st edition. 325 pages. 8.75x6.00x0.75 inches. In Stock. Bookseller Inventory # 0198067739

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