Is economic efficiency a sound basis upon which to make public policy or legal decisions? In this sophisticated analysis, Richard S. Markovits considers the way in which scholars and public decision-makers define, predict, and assess the moral and legal relevance of economic efficiency. The...

Introduction to The General Theory of Second Best, Its Central Implications, and the Appropriate Way to Respond to It -- The Economics Profession’s Responses to The General Theory of Second Best: Descriptions and Critiques -- The Concept of “the Impact of a Choice (or Natural Event) on...

The "comparative negligence" doctrine provides that tort-law-covered losses that have been proximately caused by an injurer's negligence and a victim's contributory negligence are to be divided between them proportionate to their "fault." This Article analyzes the allocative efficiency and...

This Article exemplifies third-best-allocative-efficiency analysis by showing the way in which the allocative (economic) efficiency of shifting from negligence to strict liability will be influenced by the fact that a wide variety of Pareto imperfections will generate divergences between the...