Law and Economics of Justice: Efficiency, Reciprocity, Meritocracy
Klaus Mathis, "Law and Economics of Justice: Efficiency, Reciprocity, Meritocracy "
English | ISBN: 3031568214 | 3031568214 | 326 pages | EPUB | 2 MB
English | ISBN: 3031568214 | 3031568214 | 326 pages | EPUB | 2 MB
While previous volumes have examined specific issues and developments such as the coronavirus crisis or digital transformation from a law and economics perspective, the anniversary edition returns to the methodological and philosophical fundament of the discipline of law and economics. The present book aims to examine these foundations in general and, in particular, efficiency, reciprocity and meritocracy, and their relation to law and justice from an interdisciplinary perspective.
Efficiency: Traditionally, the economic analysis of law has been guided by the goal of efficiency. Economists usually define efficiency as Pareto or Kaldor–Hicks efficiency. Any change that makes one member of society better off without anyone else being worse off is a Pareto improvement. A change is a Kaldor–Hicks improvement if the gainers value their gains more than the losers value their losses, with only hypothetical compensation required.
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