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Law and Economics of Justice: Efficiency, Reciprocity, Meritocracy

Edited by Klaus Mathis · Avishalom Tor
Springer-Verlag May 2024

Specifications

ISBN-13
9783031568213
Publisher
Springer-Verlag
Publication
May 2024
Format
Hardback
Jurisdiction
Switzerland ? Countri(es) for reference only

Details

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.

Reciprocity: Economists have traditionally basedtheir models on the self-interest hypothesis of homo oeconomicus. In this model, an individual maximises his own utility without being altruistic or jealous. Behavioural economics challenges the self-interest hypothesis. In fact, many people deviate from purely self-interested behaviour. There are also signs that considerations of fairness and mutual benefit are important in bilateral negotiations and in the functioning of markets.

Meritocracy: The concept of meritocracy refers to a system, organisation, or society in which people are selected and promoted to positions of success, power, and influence on the basis of their abilities and merits. This means that an individual is able to climb the social ladder through hard work. Moreover, meritocracy directs the most talented people into the most functionally important positions, thereby increasing a society's efficiency. However, the equalising function of meritocracy has been criticised. Rather than reducing inequality, meritocracy is seen as the cause of racial, economic and social inequality.

Table of Contents

Markets, Market Failure and Distributive Justice
The Malleability of Inequality Trade-Offs
Avishalom Tor, Steven M. Garcia
Overcoming the Antagonism Between Efficiency and Distributive Justice
Rolf H. Weber
Just Prices, Market (In)Efficiency and Wealth (In)Equality
Joaquín Reyes
The Institutional Turn in Corporate Governance Towards Addressing Corporate Externalities and Public Goods
Patrick M. Corrigan
Justice Without Markets?
Salil K. Mehra

Efficiency
Beyond Justice Versus Efficiency: Reconciling Law and Economics Approaches to Fairness
Behrang Kianzad
The Relevance of Law and Economics for Practical Reasoning
Régis Lanneau
Efficiency and International Human Rights Law: Some Preliminary Thoughts
Michael K. Addo
Efficiency as a Regulatory Goal in Healthcare Law
Dario Picecchi
Accessibility Versus Efficiency in the Judiciary: Evidence from the Polish Court Reforms
Łukasz Dąbroś, Jarosław Bełdowski, Ido Baum

Reciprocity
“Shared Joy is Double Joy”
Zsófia Hajnal
The Consumer Welfare Standard, Consumer Sovereignty, and Reciprocity
Fabrizio Esposito

Meritocracy
Hierarchy, Efficiency, and Merit
Marius Daniel Baumann
The Ethics of Meritocratic Competition
Malte Dold, Andrew Gewecke
Equal Opportunity in an Unequal Society
Eran Fish
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