Economic Efficiency in Law and Economics

Zerbe, Richard O.

doi:10.4337/9781843761488

Cited by 60 publications

(29 citation statements)

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“…7 A situation is considered to be Pareto optimal (or Pareto efficient) if it is not possible to improve the level of well-being of one given economic agent without implying a reduction in the well-being of at least one other agent. 8 On the potential Pareto improvement test and the Kaldor-Hicks compensation criterion, see, for example, Bromley (1990) andZerbe Jr. (2001). 9 Only the externalities relevant from the point of view of the Pareto optimum are of interest.…”

Section: Social Costs As the Results Of A Lack Of Marketsmentioning

confidence: 99%

“…13 Considerations of efficiency and equity were both present in the work of Pigou. However, the question of the impossibility of interpersonal comparisons of utility raised by Robbins (1932) would translate, with the development of the Kaldor-Hicks criterion of potential Pareto improvement in the late 1930s, into the strict separation of these two normative criteria (see Zerbe Jr., 2001). Gradually the profession began to internalize distribution of income and social well-being belong to the sphere of ethics, in which the economist has no expertise.…”

Section: Pareto Efficiency Vs Social Efficiencymentioning

confidence: 99%

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Social Costs: Where Does the Market End?*

Neves¹

2012

rccsar

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The markets are a powerful economic coordination mechanism. Even so, their limitations cannot, and should not, be ignored. The wide range of costs originating from business activities within the framework of capitalism and subsequently externalised or, more accurately, transferred to other agents or to society as a whole with no repercussions on the price mechanism, is one particularly striking example of these limitations. This article contrasts the different concepts of social costs existing in economics literature, ranging from the identification of the problem as a "market failure" to the more heterodox (and less wellknown) concept of K. William Kapp, according to whom social costs are an intrinsic and inevitable problem within the institutional context of capitalism. The nature of the problem is discussed initially, followed by a presentation, albeit brief, of two fundamental fault lines separating the prevailing conventional approach and Kapp's heterodox one: the concept of efficiency adopted and the way in which the question of valuation of social costs is viewed.

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Section: Social Costs As the Results Of A Lack Of Marketsmentioning

confidence: 99%

Section: Pareto Efficiency Vs Social Efficiencymentioning

confidence: 99%

Social Costs: Where Does the Market End?*

Neves¹

2012

rccsar

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“…Zerbe's aim is to propose 'a definition of efficiency that is workable in practice, theoretically sound, and ethical' [Zerbe 2001: 1]. Zerbe's concept of efficiency is based on Kaldor-Hicks understanding of efficiency, albeit with several adjustments made to include values which Zerbe perceives to be missing from the Kaldor-Hicks efficiency.…”

Section: Tomasz Famulskimentioning

confidence: 99%

Economic Efficiency in Economic Analysis of Law

Famulski¹

2017

FiPF

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The aim of the article is to identify the category of economic efficiency on the grounds of L&E. According to the primary thesis of L&E economic efficiency is a fundamental legal value. The study discusses said thesis. On one hand, the controversy surrounding the thesis stem from lack of its unequivocal understanding. On the other, law has been functioning for centuries, while the question of its economic efficiency has only been raised for a few decades. Fundamental value, which has always been associated with law, is justice. It follows that the issue of various approaches to the relation between economic efficiency and justice in L&E is considered. Critical analysis of the literature allows to formulate arguments for and against each of these values in enacting and enforcing the law. Significant differences in various approaches to this matter are identified. Simultaneously, the assumption that efficiency is a value realized in the law beside justice is considered to be correct. The issue raised is important from the practical point of view. A theoretical consensus would support formulating a model, which would allow assessment of legal regulations based on criteria of economic efficiency and justice.

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“…Day by day banks were able to introduce more and more services online. Today, we can say it is difficult for a bank to survive without having online banking facilities (Zerbe, 2001). The expenditure banks have to incur to develop and maintain online banking tools are much cheaper; hence this will help banks to give better service at cheaper costs (Kotler and Keller, 2006).…”

Section: Introductionmentioning

confidence: 99%

“…Even mobile bill, electricity bill etc. can be paid through net banking (Kothari, 1999;Zerbe, 2001).…”

Section: Introductionmentioning

confidence: 99%

The Influence of Internet Banking on the Efficiency and Cost Savings for Banks’ Customers

Jolly

2016

Int J Soc Sci Mgt

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The world is developing; the internet has become one important tool in life. Its proper use can create wonders. This research paper is about how the internet is used by Indian banks and how it has changed the face of banking. The study is limited to Kochi alone. Internet banking has its advantages: primarily it is cost efficient. Using internet banking customers can do most of their bank transactions online; almost all of the transactions are possible. Adding to the advantages these transactions require only an internet connection and a computer. These facilities are not limited to the working hours of the bank; one can avail these services24 hours a day, 7 days a week. But proficiency to use these facilities properly is the main challenge. This study is based upon the review taken from part of the Kochi population who are Customers of State Bank of India and ICICI bank. Day by day customers using internet banking is on the rise. Also, internet banking is not limited to the bank transactions alone, it can be used as a mode of payment to registered merchants. This makes the regular payments, like that of electricity, water, mobile bill etc. very easy. Any tool can be efficient only if it is used properly. How cost effective and popular is the usage of online banking tool in Kochi is the major problem under investigation.

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Economic Efficiency in Law and Economics

Cited by 60 publications

References 0 publications

Social Costs: Where Does the Market End?*

Social Costs: Where Does the Market End?*

Economic Efficiency in Economic Analysis of Law

The Influence of Internet Banking on the Efficiency and Cost Savings for Banks’ Customers

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