04388nam a22005895i 4500 978-3-031-56822-0 DE-He213 20251030112022.0 cr nn 008mamaa 240430s2024 sz | s |||| 0|eng d 9783031568220 978-3-031-56822-0 10.1007/978-3-031-56822-0 doi KJE2041-2635 LBBM bicssc LAW051000 bisacsh LBBM thema Law and Economics of Justice [electronic resource] : Efficiency, Reciprocity, Meritocracy / edited by Klaus Mathis, Avishalom Tor. 1st ed. 2024. Cham : Springer Nature Switzerland : Imprint: Springer, 2024. X, 316 p. 7 illus., 5 illus. in color. online resource. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Economic Analysis of Law in European Legal Scholarship, 2512-1308 ; 17 While previous volumes have examined specific issues and developments such as the coronavirus crisis or digital transformation from a law and economics perspective, the anniversary edition returns to the methodological and philosophical fundament of the discipline of law and economics. The present book aims to examine these foundations in general and, in particular, efficiency, reciprocity and meritocracy, and their relation to law and justice from an interdisciplinary perspective. Efficiency: Traditionally, the economic analysis of law has been guided by the goal of efficiency. Economists usually define efficiency as Pareto or Kaldor–Hicks efficiency. Any change that makes one member of society better off without anyone else being worse off is a Pareto improvement. A change is a Kaldor–Hicks improvement if the gainers value their gains more than the losers value their losses, with only hypothetical compensation required. Reciprocity: Economists have traditionally based their models on the self-interest hypothesis of homo oeconomicus. In this model, an individual maximises his own utility without being altruistic or jealous. Behavioural economics challenges the self-interest hypothesis. In fact, many people deviate from purely self-interested behaviour. There are also signs that considerations of fairness and mutual benefit are important in bilateral negotiations and in the functioning of markets. Meritocracy: The concept of meritocracy refers to a system, organisation, or society in which people are selected and promoted to positions of success, power, and influence on the basis of their abilities and merits. This means that an individual is able to climb the social ladder through hard work. Moreover, meritocracy directs the most talented people into the most functionally important positions, thereby increasing a society's efficiency. However, the equalising function of meritocracy has been criticised. Rather than reducing inequality, meritocracy is seen as the cause of racial, economic and social inequality. Commercial law. 70222 European Economic Community. 70223 Private international law. 65660 Conflict of laws. 65661 International law. 58292 Comparative law. 65662 Law and economics. European Economic Law. 70224 Private International Law, International and Foreign Law, Comparative Law. 65667 Law and Economics. Mathis, Klaus. editor. edt http://id.loc.gov/vocabulary/relators/edt 76130 Tor, Avishalom. editor. edt http://id.loc.gov/vocabulary/relators/edt 76131 SpringerLink (Online service) Springer Nature eBook Printed edition: 9783031568213 Printed edition: 9783031568237 Printed edition: 9783031568244 Economic Analysis of Law in European Legal Scholarship, 2512-1308 ; 17 47720 https://doi.org/10.1007/978-3-031-56822-0 ZDB-2-LCR ZDB-2-SXLC 59552 59552