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Download Costs And Cautionary Tales: Economic Insights for the Law by Anthony I. Ogus PDF

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By Anthony I. Ogus

Expenditures and Cautionary stories presents an outline of the way fiscal research can increase an realizing of legislations and will offer criteria for its severe review. The booklet eschews a dogmatic process, acknowledging that non-economic ambitions play a massive half within the legislation. bills and Cautionary stories is directed basically at attorneys and legislations scholars, quite those that hitherto were skeptical of the makes use of and cost of legislation and economics. every one bankruptcy is equipped on a selected subject or set of topics, with examples drawn from throughout criminal different types. The procedure is discursive, anecdotal, and analytical, reflecting the tips and convictions constructed through the author's 30 years operating within the box of legislation and economics.

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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.

72 DM Krips, “Economics—the Current Position” (1997) 126 Daedalus 59, 62. 21 (B) Ogus Ch1 20/2/06 16:33 Page 22 Setting the Scene mathematical modelling and why it came to dominate the discipline, in order to appreciate that a mathematical approach is not necessary to gain insights from the economic analysis of law. Economic analysis involves working out the logical implications of certain basic assumptions of human behaviour, for example, that individuals prefer more satisfaction to less. ”73 Models need not be stated mathematically, even though most economic models adopt this form.

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).

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