Richard Posner on Economic Theories - Dictionary of Arguments
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Economic theories on law/Posner/Miceli: Most critics of the economic approach to law argue that it is inappropriate to evaluate the law based on the norm of efficiency. The goal of the law should instead be to pursue justice or fairness, however those objectives are defined. >Law/Economic theories.
VsVs: Richard Posner, one of the founding fathers of law and economics, has responded to this criticism in two ways(1).
1) First, he argues that justice in the sense of distributional equity is a value that most economists also recognize, along with efficiency, as relevant in judging the performance of the market or the legal system. And although economists have no special insight into what degree of distributional equity is desirable, they have a lot so say about the feasibility of attaining different outcomes and the amount of sacrifice of overall wealth that would be necessary to achieve a particular distributional goal.
2) Second, he argues that one meaning of "justice" may in fact be effciency because "in a world of
scarce resources waste should be regarded as immoral" (Posner, 2003(1), p. 27).
1. Posner, Richard (2003). Economic Analysis of Law. 6th edition. New York: Aspen Law & Business.
Miceli, Thomas J. „Economic Models of Law“. In: Parisi, Francesco (ed) (2017). The Oxford Handbook of Law and Economics. Vol 1: Methodology and Concepts. NY: Oxford University Press._____________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 [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.
Richard A. Posner
Economic Analysis of Law, Ninth Edition New York 2014
Francesco Parisi (Ed)
The Oxford Handbook of Law and Economics: Volume 1: Methodology and Concepts New York 2017