By Eyal Zamir, Barak Medina

ISBN-10: 0195372166

ISBN-13: 9780195372168

Law, Economics, and Morality examines the potential for combining fiscal method and deontological morality via particular and direct incorporation of ethical constraints into financial versions. financial research of legislation is a robust analytical technique. although, as a simply consequentialist strategy, which determines the desirability of acts and principles exclusively via assessing the goodness in their results, general cost-benefit research (CBA) is normatively objectionable. average deontology prioritizes such values as autonomy, simple liberties, truth-telling, and promise-keeping over the promoting of excellent results. It holds that there are constraints on selling the great. Such constraints will be overridden provided that adequate strong (or undesirable) is at stake. whereas average deontology conforms to winning ethical intuitions and felony doctrines, it's arguably missing in methodological rigor and precision.

Eyal Zamir and Barak Medina argue that the normative flaws of financial research might be rectified with out relinquishing its methodological merits and that ethical constraints could be formalized as a way to make their research extra rigorous. They talk about a number of noticeable and methodological offerings inquisitive about modeling deontological constraints. Zamir and Medina suggest to figure out the permissibility of any act or rule infringing a deontological constraint by way of mathematical threshold services. Law, Economics, and Morality offers the overall constitution of threshold capabilities, analyzes their parts and addresses attainable objections to this inspiration. It then illustrates the implementation of limited CBA in different felony fields, together with agreement legislations, freedom of speech, antidiscrimination legislation, the struggle opposed to terrorism, and felony paternalism.

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Even if such options ultimately rest on consequentialist justifications (on the foundational level), these concessions imply that agents may and should make room for options in their normative deliberation. Given the harshness of legal remedies and sanctions, options are all the more so warranted when it comes to the formulation of legal norms by public policy-makers. As indicated, unlike other consequentialist theories, normative economics is less susceptible to the critique of over-demandingness, because across a broad range of circumstances it assumes that the best way to maximize overall welfare is for each person to rationally pursue her own interests.

Pub. Aff. 3, 14 (1982); Chang, supra note 17, at 181. 48. 11 (1990). See also Michael S. Moore, Torture and the Balance of Evils, 23 Isr. L. Rev. 280, 295–96 (1989). 49. , Richard B. Brandt, A Theory of the Good and the Right (1979). As mentioned above (supra note 32 and accompanying text), acts and rules are not the only focal points available to moral theories. Adopting other focal points such as motives may also narrow the gulf between consequentialism and ordinary morality. Consequentialism may also refrain from choosing any single primary focal point and instead have a comprehensive structure taking into account all focal points at the same time.

Kip Viscusi, The Challenge of Punitive Damages Mathematics, 30 J. Legal Stud. 313 (2001); Jonathan Baron & Ilana Ritov, Intuitions about Penalties and Compensation in the Context of Tort Law, 7 J. Risk & Uncertainty 17 (1993). 71. Steven Shavell, Foundations of Economic Analysis of Law 609 (2004). 72. In fairness to Shavell, it is not clear that he intends this argument to serve as a response to the deontological concerns. However, since the argument is made in the context of the morality of welfare economics and appears to present a practical answer to the deontological concern, it is worth discussing.

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Law, Economics, and Morality by Eyal Zamir, Barak Medina

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