Deconstructing the New Efficiency Rationale
Cornell Law Review, Vol. 86, No. 6
Posted: 27 Feb 2001
Date Written: January 2001
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 sets out to deconstruct these new arguments. It contends that these arguments are alternatively logically flawed or reliant on untenable assumptions. It concludes that Law and Economics' exclusive focus on efficiency continues to lack justification even within the limited purview of modern economic reasoning.
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