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• W2079194149 abstract "A dominant theme of much economic analysis of law-notably that contributed by Posner and his followers-has been the ‘superiority’ of private or common law principles over public or regulatory law. According to the economic models postulated, common law principles are designed explicitly or implicitly to encourage efficient behaviour.’ ‘Efficient’ in this context is now construed to mean ‘wealthmaximizing’, a notion which the exponents strive to distinguish from the utilitarian notion of maximum aggregate social welfare.* So characterized, the common law is typically compared with centralized control through public law, which is seen to be vulnerable to ‘capture’ by those apparently subjected to the control, and which, in the result, often leads to inefficiency. The thesis may be said to combine two fundamental propositions:" @default.
• W2079194149 created "2016-06-24" @default.
• W2079194149 creator A5060696044 @default.
• W2079194149 date "1983-06-01" @default.
• W2079194149 modified "2023-09-27" @default.
• W2079194149 title "Social costs in a private law setting" @default.
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• W2079194149 doi "https://doi.org/10.1016/0144-8188(93)90044-6" @default.
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