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Full-Text Articles in Law
What (If Anything) Can Economics Say About Equity?, Daniel A. Farber
What (If Anything) Can Economics Say About Equity?, Daniel A. Farber
Michigan Law Review
Does economics have anything to teach us about the meaning of fairness? The leading practitioners of law and economics disagree. Judge Richard Posner argues that economics is largely irrelevant to distributive issues. Posner maintains that the most useful economic measure of social welfare is cost-benefit analysis (which he calls wealth maximization). But, he observes, this economic measure "ratifies and perfects an essentially arbitrary distribution of wealth." Given an ethically acceptable initial assignment of wealth, rules based on economic efficiency may have some claim to be considered fair. On the critical issue of distributional equity, however, Posner apparently believes that economics …
Should We All Be Welfare Economists?, Richard H. Fallon Jr.
Should We All Be Welfare Economists?, Richard H. Fallon Jr.
Michigan Law Review
On what normative foundation should the edifice of law and public policy be built? What are proper grounds for claims of individual right, and how, generally, do those grounds relate to considerations of individual well-being and social welfare? In this Essay, I argue that individual well-being and a related concept of social welfare should be important considerations in the design of legal rules, but not the exclusive ones. When the notion of well-being receives substantive content, the most plausible and attractive definitions all allow a distinction between what will best promote a person's well-being and what that person might rationally …
Preferences And Rational Choice: New Perspectives And Legal Implications: Introduction, Matthew D. Adler, Claire Finkelstein, Peter H. Huang
Preferences And Rational Choice: New Perspectives And Legal Implications: Introduction, Matthew D. Adler, Claire Finkelstein, Peter H. Huang
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