The Confluence of Justice and Efficiency in the Economic Analysis of Law
Abstract
Value in economics is usually measured by price (the market tradition). This essay explores the relationship of price and satisfaction to corrective and distributive justice in law. I contend that corrective justice is relevant to all law. Corrective justice and efficiency converge in social norms, that evolve to coordinate behavior. Distributive justice, in contrast, is relevant to some bodies of law and irrelevant to many others, including private law.
Suggested Citation
Robert D. Cooter. "The Confluence of Justice and Efficiency in the Economic Analysis of Law" The Origins of Law and Economics: Essays by the Founding Fathers. The Locke Institute, 2003.
Available at: http://works.bepress.com/robert_cooter/106