Costs And Cautionary Tales: Economic Insights for the Law by Anthony I. Ogus

By Anthony I. Ogus

Bills and Cautionary stories offers an summary of the way financial research can enhance an figuring out of legislations and will offer criteria for its severe overview. The ebook eschews a dogmatic method, acknowledging that non-economic ambitions play an immense half within the legislations. charges and Cautionary stories is directed essentially at attorneys and legislation scholars, fairly those that hitherto were skeptical of the makes use of and cost of legislations and economics. every one bankruptcy is outfitted on a specific topic or set of subject matters, with examples drawn from throughout felony different types. The strategy is discursive, anecdotal, and analytical, reflecting the information and convictions constructed through the author's 30 years operating within the box of legislation and economics.

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When decisions are made in relation to collective choice, for example, members of a committee, shareholders or legislators voting for decisions made by the group to which they belong, should those assumptions change? ”55 On this view, 54 For a partial survey of the vast literature, see AM Polinsky and S Shavell, “Public Enforcement of Law” in Bouckaert and De Geest, above n 8, vol 5, 307–44. 55 The leading authority is JM Buchanan and G Tullock, The Calculus of Consent: Legal Foundations of Constitutional Democracy (Ann Arbor, University of Michigan Press, 1962).

Trustees, by exercising their power, not only of sale but also of controlling use and occupation,22 can help to provide a satisfactory compromise, since they are bound by their 18 A Ogus, “The Trust as Governance Structure” (1986) 36 University of Toronto Law Journal 186. 19 Re Pauling’s Settlement Trusts (No 2) [1963] Ch 576, 585, per Wilberforce J. 20 ME Tracht, “Co-Ownership and Condominium” in Bouckaert and De Geest, above n 12, vol 2, 62–89. 21 Ogus, above n 18, 193. 22 Under the Trusts of Land and Appointment of Trustees Act 1996, on which see MP Thompson, Modern Land Law, 2nd edn (Oxford, Oxford University Press, 2003), 301–13.

Much of law is concerned with risks: how to assess and manage risks in widely different environments, including contractual allocations within business settings and tort and regulatory 32 (B) Ogus Ch1 20/2/06 16:33 Page 33 Setting the Scene obligations for health and safety policies. As I demonstrate in chapter five, economic analysis can make an important contribution to the understanding of these issues and the identification of appropriate legal responses. That importance is enhanced by the fact that the forensic focus of much legal work induces lawyers to adopt a retrospective view of risk which can lead to a skewed vision of how the problems of risk should be addressed.

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