S. Grundmann - Academia.edu (original) (raw)
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Papers by S. Grundmann
This article challenges the assumption that from an economic perspective the distribution of valu... more This article challenges the assumption that from an economic perspective the distribution of value (be it surplus or well-being) between parties in voluntary transactions matters at most for instrumental reasons-that is, for increasing the size of the pie. This assumption is probably the stronghold of institutional economics and traditional law and economics which most blatantly deviates from any legal perspective. A strain of economic literature going back at least to Adam Smith conceives of market relations as principal-agents relations between consumers and producers. As consumer welfare is not the only societal value, conflicts with other values can justify its sacrifice in some occasions. A just society cannot be reduced to an allocatively optimal general equilibrium.
European Law Journal, 2004
This article challenges the assumption that from an economic perspective the distribution of valu... more This article challenges the assumption that from an economic perspective the distribution of value (be it surplus or well-being) between parties in voluntary transactions matters at most for instrumental reasons-that is, for increasing the size of the pie. This assumption is probably the stronghold of institutional economics and traditional law and economics which most blatantly deviates from any legal perspective. A strain of economic literature going back at least to Adam Smith conceives of market relations as principal-agents relations between consumers and producers. As consumer welfare is not the only societal value, conflicts with other values can justify its sacrifice in some occasions. A just society cannot be reduced to an allocatively optimal general equilibrium.
European Law Journal, 2004