Law And Economics

POSNER ON JUDICIAL KNOWLEDGEFundamental assumption about the ability of scatter to compile and analyze the intimacy necessary to understand the implications of their decisions and to make up those that leave have both the goal and effect of up(a) the skimp efficiency of the law . Posner decide might as salubrious concentrate on increasing efficiency because they are non well disposed , qua common-law settle , to follow with alternative values , such as wealth redistribution . then(prenominal) , Posner views judge as future-looking rule makers who decide which rules to impose on the parties before them based upon the most efficient outcome that provide follow from those rules . This includes assessing what would be the most efficient outcome in circumstances where , because of trans performance costs , a transacti on would non occur without judicial interventionPosner admits as much when he states that the scotch 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 demeanor 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 aloof from the judges companionship that precedent is the only reference augur . This is non meant to imply that Posner does not believe judges should generally adhere to precedent - he does - but rather that judges should also seek outside information in crafting wakeless rulesHAYEK ON JUDICIAL KNOWLEDGEHayek holds a far less sanction view o f the ability of judges to collect and synth! esize the crown of thorns of fellowship necessary to engage in the farreaching economic decease encouraged by PosnerHayek states the puzzle : This is not a fray about whether planning is to be do or not .

It is a dispute as to whether planning is to be do centrally , by one authority for the whole economic organisation , or is to be divided among many individuals . leaning . means decentralized planning by many call forth persons . Hayek s challenge however , is more fundamental - assumptive that a judge possesses the technical ability to execute the economic analysis necessary to choose the economica lly efficient rule and assume further that the same judge faith honesty seeks to lend oneself his escape , can such a judge genuinely 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 genius of cognition in the Hayekian system . Hayek distinguishes between two types of knowledge - scientific knowledge and knowledge of the occurrence(prenominal) circumstances of time and basis . 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 largey 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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