Law And Economics

POSNER ON JUDICIAL KNOWLEDGEFundamental assumption about the ability of resolve to compile and analyze the intimacy necessary to understand the implications of their decisions and to resolve those that leave have both the goal and effect of up(a) the sparing efficiency of the law . Posner decide might as thoroughly concentrate on increasing efficiency because they are non well disposed , qua common-law settle , to follow with alternative values , such as wealth redistribution . because , 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 bequeath follow from those rules . This includes assessing what would be the most efficient outcome in circumstances where , because of trans run costs , a transaction would non occur without judicial interventionPosner admits as much when he states that the economicalal 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 , resolve , and sound professionals in general may be so bereft of good sources of information that their most efficient vogue 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 reserved from the judges companionship that precedent is the only reference look for . 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 judicial rulesHAYEK ON JUDICIAL KNOWLEDGEHayek holds a far less sanction vi ew of the ability of judges to collect and s! ynthesize the tell of familiarity necessary to engage in the farreaching economic accommodate encouraged by PosnerHayek states the puzzle : This is not a disceptation 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 form , or is to be divided among many individuals . leaning . means decentralized planning by many arouse 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 economic ally efficient rule and assume further that the same judge faith honesty seeks to execute his escape , can such a judge real 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 personality of knowledge in the Hayekian system . Hayek distinguishes between two types of knowledge - scientific knowledge and knowledge of the particular(a)(prenominal) circumstances of time and seat . 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 wide of the marky 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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