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Wealth Maximization
Wealth maximization is a normative principle in welfare economics that seeks to maximize the total “economic surplus” in society by summing individuals’ willingness to pay for desired goods, services, or states of affairs. Although it originated in theoretical economics—most notably through the work on Kaldor–Hicks efficiency—it later became a central concept in law and economics, particularly under the influence of Richard Posner. Proponents argue that many legal doctrines appear to promote efficient resource allocation when measured by this willingness-to-pay standard, while critics contend it can neglect distributive fairness, rights, or moral values that do not reduce neatly to monetary terms. Development Welfare Economics Wealth maximization is closely linked to the evolution of welfare economics in the early and mid-20th century. Vilfredo Pareto introduced the idea of Pareto efficiency, under which a policy change is “better” only if at least one person is m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Welfare Economics
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare. Additionally, welfare economics serves as the theoretical foundation for several instruments of public economics, such as cost–benefit analysis. The intersection of welfare economics and behavioral economics has given rise to the subfield of behavioral welfare economics. Two fundamental theorems are associated with welfare economics. The first states that competitive markets, under certain assumptions, lead to Pareto efficient outcomes. This idea is sometimes referred to as Adam Smith's invisible hand. The second theorem states that with further restrictions, any Pareto efficient outcome can be achieved through a competitive market equilibrium, provided that a social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ronald Dworkin
Ronald Myles Dworkin (; December 11, 1931 – February 14, 2013) was an American legal philosopher, jurist, and scholar of United States constitutional law. At the time of his death, he was Frank Henry Sommer Professor of Law and Philosophy at New York University and Professor of Jurisprudence at University College London. Dworkin had taught previously at Yale Law School and the University of Oxford, where he was the Professor of Jurisprudence, successor to philosopher H. L. A. Hart. An influential contributor to both philosophy of law and political philosophy, Dworkin received the 2007 Holberg International Memorial Prize in the Humanities for "his pioneering scholarly work" of "worldwide impact". According to a survey in '' The Journal of Legal Studies'', Dworkin was the second most-cited American legal scholar of the twentieth century. After his death, Harvard legal scholar Cass Sunstein said Dworkin was "one of the most important legal philosophers of the last 100 ye ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Hobbes
Thomas Hobbes ( ; 5 April 1588 – 4 December 1679) was an English philosopher, best known for his 1651 book ''Leviathan (Hobbes book), Leviathan'', in which he expounds an influential formulation of social contract theory. He is considered to be one of the founders of modern political philosophy. In his early life, overshadowed by his father's departure following a fight, he was taken under the care of his wealthy uncle. Hobbes's academic journey began in Malmesbury#Westport St Mary, Westport, leading him to the University of Oxford, where he was exposed to classical literature and mathematics. He then graduated from the University of Cambridge in 1608. He became a tutor to the Cavendish family, which connected him to intellectual circles and initiated his extensive travels across Europe. These experiences, including meetings with figures like Galileo, shaped his intellectual development. After returning to England from France in 1637, Hobbes witnessed the destruction and br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Contract
In moral and political philosophy, the social contract is an idea, theory, or model that usually, although not always, concerns the legitimacy of the authority of the state over the individual. Conceptualized in the Age of Enlightenment, it is a core concept of constitutionalism, while not necessarily convened and written down in a constituent assembly and constitution. Social contract arguments typically are that individuals have consented, either explicitly or tacitly, to surrender some of their freedoms and submit to the authority (of the ruler, or to the decision of a majority) in exchange for protection of their remaining rights or maintenance of the social order. The relation between natural and legal rights is often a topic of social contract theory. The term takes its name from '' The Social Contract'' (French: ''Du contrat social ou Principes du droit politique''), a 1762 book by Jean-Jacques Rousseau that discussed this concept. Although the antecedents of soci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Francesco Parisi (economist)
Francesco Parisi (born May 31, 1962) is an Italian legal scholar and economist, working primarily in the United States and Italy. He is the Oppenheimer Wolff & Donnelly Professor of Law at the University of Minnesota Law School and a Distinguished Professor of Economics at the University of Bologna. Parisi specializes in the economic analysis of law, and has authored or edited over twenty books and more than 250 scholarly works in this field. In 2018, he received the European Association of Law and Economics’ Lifetime Achievement Award for his contributions to the field of law and economics. Education Parisi was born in Rome, Italy, and earned a law degree (''Dottore in Giurisprudenza'') from the University of Rome “La Sapienza” in 1985. He moved to the United States as a Fulbright Scholar and obtained an LL.M. (1988) and a J.S.D. (1990) from the University of California, Berkeley. He later completed a Master of Arts in Economics at Berkeley and a Ph.D. in Economics fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steven Shavell
Steven Shavell is an economist who is currently Samuel R. Rosenthal Professor of Law and Economics at Harvard Law School. Shavell is the founder and director of the School's John M. Olin Center for Law, Economics, and Business. Biography Steven Shavell graduated from the University of Michigan in 1968. He obtained a Ph.D. in economics from MIT in 1973. Shavell is working on the economic analysis of law, including topics such as contracts, torts, property, criminal law, and legal process. He was a Guggenheim Fellow Guggenheim Fellowships are grants that have been awarded annually since by the John Simon Guggenheim Memorial Foundation, endowed by the late Simon and Olga Hirsh Guggenheim. These awards are bestowed upon individuals who have demonstrated d .... Selected publications * Shavell, S., 1979Risk sharing and incentives in the principal and agent relationship ''Bell Journal of Economics'', ''10''(1), pp. 55–73. * Shavell, S., 1980. Strict liability versus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Louis Kaplow
Louis Kaplow (born June 17, 1956) is an American legal scholar and economist. He is the Finn M. W. Caspersen and Household International Professor of Law and Economics at Harvard Law School. He has made contributions to antitrust law, competition policy, intellectual property, and tax policy. Kaplow previously served as the president of the American Law and Economics Association, received its Coase Medal for major contributions to the field, and also received the Daniel M. Holland Medal for lifetime achievement from the National Tax Association. Education Kaplow attended Northwestern University, completing a senior honors thesis and graduating in 1977 with a Bachelor of Arts (B.A.) in mathematics and economics as a member of Phi Beta Kappa. He then enrolled at Harvard Law School, where he was the managing editor of the ''Harvard Law Review'', and obtained a Juris Doctor (J.D.), ''magna cum laude'', in 1981. Kaplow continued graduate studies at Harvard University and received a M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Martha Nussbaum
Martha Nussbaum (; Craven; born May 6, 1947) is an American philosopher and the current Ernst Freund Distinguished Service Professor of Law and Ethics at the University of Chicago, where she is jointly appointed in the law school and the philosophy department. Nussbaum's work has focused on ancient Greek and Roman philosophy, political philosophy, existentialism, feminism, and ethics, including animal rights. She also holds associate appointments in classics, divinity, and political science, is a member of the Committee on Southern Asian Studies, and a board member of the Human Rights Program. She previously taught at Harvard and Brown. She has written more than two dozen books, including '' The Fragility of Goodness'' (1986). She received the 2016 Kyoto Prize in Arts and Philosophy, the 2018 Berggruen Prize, and the 2021 Holberg Prize. In recent years, she has also been considered a candidate for the Nobel Prize in Literature. Early life and education Nussbaum was bor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law And Economics
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director, George Stigler, and Ronald Coase. The field uses economics concepts to explain the effects of laws, assess which legal rules are economically efficient, and predict which legal rules will be promulgated. There are two major branches of law and economics; one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance. History Origin The historical antecedents of law and economics can be traced back to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kaldor–Hicks Efficiency
A Kaldor–Hicks improvement, named for Nicholas Kaldor and John Hicks, is an economic re-allocation of resources among people that captures some of the intuitive appeal of a Pareto improvement, but has less stringent criteria and is hence applicable to more circumstances. A re-allocation is a Kaldor–Hicks improvement if those that are made better off could hypothetically compensate those that are made worse off and lead to a Pareto-improving outcome. The compensation does not actually have to occur (there is no presumption in favor of status-quo) and thus, a Kaldor–Hicks improvement can in fact leave some people worse off. A situation is said to be Kaldor–Hicks efficient, or equivalently is said to satisfy the Kaldor–Hicks criterion, if no potential Kaldor–Hicks improvement from that situation exists. If an outcome is the highest it could possibly be, it is called a Hicks-optimal outcome. A Hicks optimal outcome is always Pareto efficient. Explanation A reallocation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hicks
Hicks, also spelled Hickes, is a surname. Surname A *Aaron Hicks (born 1989), American professional baseball center fielder * Adam Hicks (born 1992), American actor, rapper, singer, and songwriter * Akiem Hicks (born 1989), American football defensive end * Albert W. Hicks (1820–1860), American triple murderer, and one of the last persons executed for piracy in the US * Aline Elizabeth Black Hicks (1906–1974), African-American schoolteacher who filed a salary discrimination case * Amy Hicks (1877–1953), American suffragist * Andrew Hicks (born 1988), Papua New Guinean cricketer * Andy Hicks (born 1973), English snooker player * Angelica Hicks (born 1992), British illustrator *Anthony Hicks (1943–2010), Welsh musicologist, music critic, editor, and writer * Artis Hicks, American football player * Ashley Hicks (born 1963), British interior designer B *Baptist Hicks, 1st Viscount Campden (1551–1629), English politician *Barbara Hicks, British actress * Beatrice Hicks ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kaldor
Kaldor is a Jewish surname. Notable people with the surname include: * Amber Kaldor (born 1990), Australian acrobatic gymnast * Avraham Kaldor, Israeli winner of the Netanya chess tournament in 1976 * Connie Kaldor (born 1953), Canadian folk singer and songwriter * John Kaldor (born 1936), Australian art collector and philanthropist * John Kaldor, a character in the 1996 novel '' Awake and Dreaming'' by Kit Pearson * Lee Kaldor, Democratic legislator in the North Dakota State House * Mary Kaldor (born 1946), British economics academic * Nicholas Kaldor (1908–1986), British economist See also * Kaldor City, fictional city of the future in ''Doctor Who'' * Andrew & Renata Kaldor Centre for International Refugee Law * Kaldar (other) * Calder (surname) Calder is a surname of Scottish origin. Notable people with the surname include: * Alexander Milne Calder (1846–1923), American sculptor, father of: ** Alexander Stirling Calder (1870–1945), American sculptor, fat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
