Legal rules, efficiency and alternative measures of economic loss
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Legal rules, efficiency and alternative measures of economic loss

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Published by Law and Economics Programme, Faculty of Law, University of Toronto in [Toronto .
Written in English

Subjects:

  • Cost effectiveness,
  • Compensation (Law),
  • Damages

Book details:

Edition Notes

Includes bibliographical references.

Statementby Jack Knetsch and Arnold Weinrib.
SeriesLaw and economics workshop series -- no. WSII-7
ContributionsWeinrib, Arnold., University of Toronto. Faculty of Law.
Classifications
LC ClassificationsHD47.4 .K548
The Physical Object
Pagination31 p. :
Number of Pages31
ID Numbers
Open LibraryOL17384286M

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Chapter 2: Efficiency and All That. Legal rules affect lots of people in lots of different ways. In a society as large and complicated as ours, one can be fairly certain that passing or repealing a law will make some people worse off, including some who have done nothing for which they deserve to be made worse off, and make some people better off, including some who have done nothing for. International Review of Law and Economics (), 4 () LEGAL RULES AND THE BASIS FOR EVALUATING ECONOMIC LOSSES* JACK L. KNETSCH Simon Fraser University, Bumaby, British Columbia V5A 1S6, Canada Damages or a loss in economic well-being can be measured by either the maximum sum people would pay to avoid the loss, or by the minimum compensation they would Cited by: THE ECONOMIC APPROACH TO LAW Posner, Richard A. The Economic Analysis of Law, Sixth York: Aspen Publishers, § Its History. Until about economic analysis of law was almost synonymous with economic analysis of antitrust law, though there had been some economic work on tax law (Henry Simons), corporate law (Henry Manne), patent law (Arnold Plant), contract law . Economic efficiency implies an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

articles and culminating book () on accident law, and R.A. Posner's () general textbook on economic analysis of law and his establishment of the Journal of Legal Studies. As this survey will indicate, research in economic analysis of law has been active since the s and is accelerating'.   Introduction. A claimant's pure economic loss resulting from a defendant's carelessness can only give rise to a claim in Negligence if a duty of care is proved. For a duty of care to be owed by the defendant to a claimant there must be sufficient proximity in their relationship. Law and economics or economic analysis of law is the application of economic theory (specifically microeconomic theory) to the analysis of law that began mostly with scholars from the Chicago school of ic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated. The efficiency thesis of the economic analysis of law has two aspects: descriptive and normative. Descriptively, the efficiency thesis states that legal rules are, in fact, economically efficient2. Normatively, the thesis states that legal rules ought to be efficient [Kornhauser ]. Literature provides even.

Economic Loss Rule Law and Legal Definition In Georgia, the economic loss rule is defined as: “In the absence of an accident, there can be no action in negligence to recover the loss of the economic value of a defective product, unless there is some personal injury or damage to other property.”.   The Supreme Court of Florida reviewed the certified questions and found that the economic loss doctrine or economic loss rule barred a negligence action to recover solely economic damages only in circumstances where the parties were either in contractual privity or the defendant was a manufacturer or distributor of a product, and no established. economic loss in the law of tort or delict, certain claims for non-physical or non-proprietary damage caused negligently. Certain claims, although financial, are usually discounted from such discussion, viz. loss of wages consequent upon physical injury and loss of use following damage to property. superior rules --Rules B, C, and D are all pareto optimal --Rule A is not pareto optimal (3) One rule is superior to another under the potential pareto superiority test, (a.k.a. Kaldor-Hicks criterion, a.k.a. wealth maximization criterion, a.k.a. allocative efficiency test) if it increases the total wealth of all affected parties .