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The New Efficiency Rationale: An Internal CritiqueChris William SanchiricoUniversity of Pennsylvania Law School; University of Pennsylvania Wharton School - Business Economics and Public Policy Department; Urban-Brookings Tax Policy Center July 2001 University of Virginia School of Law, Legal Studies Working Paper No. 00-5 Abstract: One of the most important developments in law and economics over the last decade has been the emergence and rapid acceptance of a new type of justification for the field's long-time practice of evaluating legal rules solely on the basis of the efficiency criterion. This Article challenges these new arguments. It contends that these arguments are alternatively logically flawed or reliant on untenable assumptions. The article concludes that law and economics' exclusive focus on efficiency continues to lack justification even within the limited purview of modern economic reasoning.
Number of Pages in PDF File: 65 working papers seriesDate posted: December 23, 1999Suggested CitationContact Information
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