Law And Economics

POSNER ON JUDICIAL KNOWLEDGEFundamental assumption about the ability of reason to compile and analyze the intimacy necessary to understand the implications of their decisions and to taste those that leave have both the goal and effect of up(a) the economicalal efficiency of the law . Posner decide might as well(p) concentrate on increasing efficiency because they are non well disposed , qua common-law settle , to follow through and through alternative values , such as wealth redistribution . whence , Posner views adjudicate as future-looking rule makers who decide which rules to impose on the parties before them based upon the most efficient outcome that lead follow from those rules . This includes assessing what would be the most efficient outcome in circumstances where , because of trans sue costs , a transac tion would not occur without judicial interventionPosner admits as much when he states that the economic theory of law presupposes machinery for ascertaining the existence of the events necessary to the correct action of a law . Posner states that in crafting new rules of law , settle , and sound professionals in general may be so bereft of good sources of information that their most efficient mood of deciding cases and resolving issues of institutional design is to follow , or at least to be strongly constrained by precedent 7 Posner limits this handicap ,however , to situations where social change has created conditions so upstage from the judges companionship that precedent is the only reference anticipate . This is not meant to imply that Posner does not believe judges should in the main adhere to precedent - he does - but rather that judges should also seek outside information in crafting statutory rulesHAYEK ON JUDICIAL KNOWLEDGEHayek holds a far less O.K. vie w of the ability of judges to collect and sy! nthesize the scotch of association necessary to engage in the farreaching economic stand for encouraged by PosnerHayek states the puzzle : This is not a competition about whether planning is to be do or not .

It is a dispute as to whether planning is to be through with(p) centrally , by one authority for the whole economic strategy , or is to be divided among many individuals . phone line . means decentralized planning by many spot persons . Hayek s challenge however , is more fundamental - assumptive that a judge possesses the technical ability to execute the economic psychoanalysis necessary to choose the economically effi cient rule and anticipate further that the same judge faith honesty seeks to utilize his escape , can such a judge truly anticipate that any decision he makes will in fact effectuate an improvement in the law ? The implications of the Hayekian system advise that Hayek would say no . It is necessary to understand the nature of noesis in the Hayekian system . Hayek distinguishes between two types of knowledge - scientific knowledge and knowledge of the contingent(prenominal) circumstances of time and posterior . The latter form of knowledge , Hayek emphasizes , is the essence of economic knowledge . It consists of such acts as knowing of and putting to use a machine not practicedy employed reallocating a particular individual to a position...If you want to get a full essay, order it on our website: BestEssayCheap.com

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