By Anthony I. Ogus
Expenditures and Cautionary stories presents an outline of the way monetary research can enhance an realizing of legislation and will supply criteria for its severe evaluate. The ebook eschews a dogmatic procedure, acknowledging that non-economic objectives play a massive half within the legislations. expenditures and Cautionary stories is directed basically at attorneys and legislation scholars, quite those that hitherto were skeptical of the makes use of and price of legislations and economics. every one bankruptcy is outfitted on a selected subject matter or set of subject matters, with examples drawn from throughout felony different types. The procedure is discursive, anecdotal, and analytical, reflecting the information and convictions constructed throughout the author's 30 years operating within the box of legislations and economics.
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Extra resources for Costs And Cautionary Tales: Economic Insights for the Law (Legal Theory Today)
These differences are not, however, sufficient to refute the theory; rather it requires some adaptation. 70 The theory might be considered too cynical, as least in its application to legislative behaviour generally. Although politicians may be motivated by self-interest, many are also driven by ideology or altruism which will lead them to outcomes which are inconsistent with self-interest. ) Nevertheless this area of economic analysis of law does make us think more carefully about the antecedents to legislation—the idea that the agricultural exemption from products liability may have resulted from pressure from farmers came as a huge 69 See Ogus, above n 18, for examples of regulation relating to the designation of products (136) and licensing schemes (ch 10).
13 It may also be to our mutual advantage to use this device to share in risktaking: SNS Cheung, “Private Property Rights and Sharecropping” (1968) 76 Journal of Political Economy 1107. 40 (C) Ogus Ch2 23/3/06 16:02 Page 41 Law and Wealth Creation tenant-farmer is given some short-term property interest, with myself as residual owner. The challenge in cases of joint or successive interests in property—as we shall see14 the same issue arises in relation to corporations and other organisations—for the law is to deal with what we have seen to be the “tragedy of the commons,” the incentive on individuals to extract personal, short-term gains which harm the aggregate, longer-term value to all those with a current or future interest in the property.
43 (C) Ogus Ch2 23/3/06 16:02 Page 44 Law and Wealth Creation and that the land occupier had not manifested an intention to exercise control over things on the land. 26 But as regards (2), in moral terms, the claims of the traveller seem to be neither more nor less worthy than those of the airline. What then of economics? We may start with the assumption that the true owner is likely to have a subjective value for the chattel which is equal to, or exceeds, that of other individuals. We can move from that to a second proposition, that the value can be enhanced by a rule which, should the object be lost, creates the best incentive for it to be returned to the true owner.