By Jeffrey Harrison
This advisor presents professional assurance of the vintage concerns, together with simple fee concept; definitions of potency; the Coase Theorem; and the economics of agreement legislation, tort legislation, felony legislations, rules, antitrust, and highbrow estate. The textual content additionally discusses much less traditional themes corresponding to public selection, what it capacity to be a rational maximizer of self-interest, the assumptions underlying financial research as utilized to legislations, boundaries at the software of financial thought to legislation, the idea of moment most sensible, the prisoner’s quandary, the economics of marriage, the economics of inheritance, evolutionary theories of legislation, the economics of cost, and the results of contemporary examine into happiness.
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Additional info for Harrison's Law and Economics in a Nutshell, 5th
E. EFFICIENCY In one form or another, the concept of “efficiency” is an important tool in the study of law and economics. Typically, the term “efficiency” is associated with the notion of accomplishing an outcome at the lowest possible cost. ” Productive efficiency is, however, just one of a number of “types” of efficiency you will encounters in law and economics. 1. ALLOCATIVE EFFICIENCY Allocative efficiency is typically reserved for considerations of whether an industry is producing the “right” amount of a specific good or service.
The Individual Firm Under Perfect Competition: The Marginal Cost = Marginal Revenue Rule 4. Cost Curves 5. Equilibrium and Perfect Competition 6. Monopoly 7. Perfect Competition and Monopoly Compared 8. Some Limits on the Comparison B. Market Power and Market Definition 1. Market Power 2. The Lerner Index 3. The Determinants of Market Power 4. Market Definition and Cross–Elasticity 5. Geographic Markets 6. Supply Elasticity 7. A Classic and a Contemporary Example a. United States v. Aluminum Company of America (Alcoa) b.
The cost of producing additional units is determined by the cost of inputs and the cost of those inputs is determined by the price others are offering to use the inputs in the production of other goods. Thus, in a real sense, when an input is used to produce one good, the “social cost” is the value placed on the use of the input in the production of other goods. It makes sense, in terms of efficient resource allocation, to produce an item as long as the value attributed to it by buyers exceeds the social cost of its production.