Economics Dictionary of ArgumentsHome
| |||
|
| |||
| Efficiency: Economic efficiency is the optimal allocation of resources to produce the greatest possible output. It is a state where resources are used in a way that maximizes the satisfaction of human wants and needs._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
| Author | Concept | Summary/Quotes | Sources |
|---|---|---|---|
|
Richard Posner on Efficiency - Dictionary of Arguments
Parisi I 281 Efficiency/Posner: The important question is whether the system of legal rules facilitates greater coordination in society by enhancing expectational certainty. When the law succeeds in enhancing the order of actions, it is “praxeologically coherent.” On the other hand, other approaches to legal analysis emphasize the “logical coherence” of the law. Prominent among these is the idea that common law areas (property, contract, and tort) can be understood in a unified way as the expression of social wealth maximization. Posner made a bold claim in the first edition of the Economic Analysis of Law (1973(1)), that common law rules are “efficient,” that is, wealth-maximizing. According to Posner, the common law provides a coherent and consistent system of incentives that induce efficient behavior, not merely in explicit markets, but in all social contexts. Posner argues that there is an economic logic to these common law rules—an economic logic that is subtle, and non-obvious, but nevertheless present. >Coordination. 1. Posner, Richard (1972). Economic Analysis of Law. Boston, MA: Little, Brown. Rajagopalan, Shruti and Mario J. Rizzo “Austrian Perspectives on Law and Economics.” In: Parisi, Francesco (ed) (2017). The Oxford Handbook of Law and Economics. Vol 1: Methodology and Concepts. NY: Oxford University. _____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
LawPosn I Richard A. Posner Economic Analysis of Law, Ninth Edition New York 2014 Parisi I Francesco Parisi (Ed) The Oxford Handbook of Law and Economics: Volume 1: Methodology and Concepts New York 2017 |
||
> Counter arguments against Posner
> Counter arguments in relation to Efficiency
