Article
The Mirage of Efficiency
Hofstra Law Review
(1980)
Abstract
The purpose of this Article is to demonstrate that the substantial information requirements that must be satisfied in order to identify efficient legal rules make efficiency impractical as a standard. Unless the efficiency theorists can show how courts can overcome the difficulties outlined here they will continue to argue for a norm that has little operational content. It is all too easy to show that efficiency leads to desirable results within simplified con- structs; it is quite another thing to show what this has to do with the world in which we live.
Keywords
- wealth maximization,
- efficiency of common law,
- Posner,
- knowledge problems
Disciplines
Publication Date
1980
Citation Information
Mario J Rizzo. "The Mirage of Efficiency" Hofstra Law Review Vol. 9 Iss. 3 (1980) p. 641 - 658 ISSN: 0091-4029 Available at: http://works.bepress.com/mario_rizzo/55/