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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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Law and Economics

Edited by: Satish Jain

ISBN13: 9780198067733
Published: November 2010
Publisher: Oxford University Press
Country of Publication: India
Format: Hardback
Price: £37.50

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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.

1.: Perspectives on Efficiency of Common Law, POSNER, RICHARD A.; Wealth Maximization Revisited; RUBIN, PAUL H. Why is the Common Law Efficient?
2.: Alternative Formulations of the Notion of Negligence, BROWN, JOHN PRATHER; Toward an Economic Theory of Liability, GRADY, MARK F.; A New Positive Economic Theory of Negligence, JAIN, SATISH K.; Efficiency of Liability Rules: A Reconsideration
3.: Liability Rules: Efficiency and Some Strategic Aspects, DEMSETZ, HAROLD; When Does the Rule of Liability Matter?, JAIN, SATISH K. and SINGH, RAM; Efficient Liability Rules: Complete Characterization, BROWN, JOHN PRATHER and HOLAHAN, WILLIAM L.; Taxes and Legal Rules for the Control of Externalities When There Are Strategic Responses, ENDRES, ALFRED; Strategic Behavior under Tort Law
4.: Law and Economics of Child Labour, BASU, KAUSHIK; Compacts, Conventions, and Codes: Initiatives for Higher International Labor Standards, HUMPHRIS JANE; Child Labor: Lessons from the Historical Experience of Today's Industrial Economies,
5.: Law, Liability and Regulation, SHAVELL, STEVEN; Liability for Harm versus Regulation of Safety, POSNER, ERIC A.; Standards, Rules, and Social Norms
6.: Law, Governance and Values, SUNSTEIN CASS R.; Conflicting Values in Law, SEN A.K.; Democracy as a Universal Value.