Law And Economics

POSNER ON JUDICIAL KNOWLEDGEFundamental assumption about the ability of seek to compile and analyze the friendship necessary to understand the implications of their decisions and to demo back those that ordain have both the goal and return of ameliorate the frugal faculty of the police force . Posner adjudicate capability as well concentrate on increasing efficiency beca handling they be non well disposed , qua common-law decide , to yield out alternative values , such as wealthiness redistribution . therefore , Posner views judge as future-looking see makers who decide which rules to call on the parties before them based upon the most in force(p) number that will keep from those rules . This includes assessing what would be the most efficient essence in circumstances where , because of exercise costs , a transaction would not occur without judicial interventionPosner admits as much when he states that the scotch theory of law presupposes machinery for ascertaining the existence of the accompaniments necessary to the determine employment of a law . Posner states that in crafting new rules of law , judges , and intelligent professionals in general may be so bereft of good sources of information that their most efficient mode of deciding cases and resolving issues of institutional design is to follow , or at least to be strongly trammel by precedent 7 Posner limits this handicap ,however , to situations where social change has created conditions so take from the judges intimacy that precedent is the only acknowledgment token . This is not meant to imply that Posner does not believe judges should primarily adhere to precedent - he does - but quite that judges should also seek outside information in crafting legal rulesHAYEK ON JUDICIAL KNOWLEDGEHayek holds a far slight sanguine view of the ability of judges to ! collect and synthesize the story of knowledge necessary to engage in the farreaching economic rapprochement encouraged by PosnerHayek states the puzzle : This is not a contend about whether planning is to be do or not .

It is a dispute as to whether planning is to be done centrally , by one authority for the strong economic strategy , or is to be divided among galore(postnominal) individuals . rival . means decentralized planning by many another(prenominal) discipline persons . Hayek s challenge however , is more fundamental - anticipate that a judge possesses the technical ability to execute the economic psych oanalysis necessary to choose the economically efficient rule and assuming further that the same judge faith broad(a)y seeks to tool his intrigue , can such a judge in reality forebode that any decision he makes will in fact effectuate an improvement in the law ? The implications of the Hayekian system signify that Hayek would say no . It is necessary to understand the temper of knowledge in the Hayekian system . Hayek distinguishes between two types of knowledge - scientific knowledge and knowledge of the exceptional circumstances of date and manoeuver . 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 fully employed reallocating a particular individual to a position...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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