Description

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.

Law and Economics

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Hardback by Satish K. Jain

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Description:

Economic analysis of law has been preoccupied by considerations of efficiency and often regards values and individual preferences to be... Read more

    Publisher: OUP India
    Publication Date: 00/12/2010
    ISBN13: 9780198067733, 978-0198067733
    ISBN10: 198067739

    Number of Pages: 416

    Non Fiction , Business, Finance & Law

    Description

    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.

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