Hardback
The Consumer Welfare Hypothesis in Law and Economics
Towards a Synthesis for the 21st Century
9781800379640 Edward Elgar Publishing
The Consumer Welfare Hypothesis in Law and Economics is a compelling account of market relations with firm roots in economic theory and legal practice. This incisive book challenges the mainstream view that allocative efficiency is about total welfare maximisation. Instead, it argues for the consumer welfare hypothesis, in which allocating resources efficiently means maximising consumer welfare, and demonstrates that legal structures such as antitrust and consumer law are in reality designed and practised with this goal in mind.
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Critical Acclaim
Contents
More Information
The Consumer Welfare Hypothesis in Law and Economics is a compelling account of market relations with firm roots in economic theory and legal practice. This incisive book challenges the mainstream view that allocative efficiency is about total welfare maximisation. Instead, it argues for the consumer welfare hypothesis, in which allocating resources efficiently means maximising consumer welfare, and demonstrates that legal structures such as antitrust and consumer law are in reality designed and practised with this goal in mind.
Using this paradigm, Fabrizio Esposito overcomes the opposition between efficiency and distribution and provides a firmer basis for debates about the foundations of contract law, antitrust law and consumer law, particularly in the European Union. The outcome is a bilateral view of the connection between the law and the economy and a rich research agenda to further understanding of the legal-economic nexus.
Scholars and students of law and economics, as well as contract, consumer and antitrust and competition law will find this book a thought-provoking study. Its innovative yet straightforward conceptual framework will also be of interest to practitioners, policymakers and stakeholders in these fields.
Using this paradigm, Fabrizio Esposito overcomes the opposition between efficiency and distribution and provides a firmer basis for debates about the foundations of contract law, antitrust law and consumer law, particularly in the European Union. The outcome is a bilateral view of the connection between the law and the economy and a rich research agenda to further understanding of the legal-economic nexus.
Scholars and students of law and economics, as well as contract, consumer and antitrust and competition law will find this book a thought-provoking study. Its innovative yet straightforward conceptual framework will also be of interest to practitioners, policymakers and stakeholders in these fields.
Critical Acclaim
‘The Consumer Welfare Hypothesis is the most reasonable one because we do not like the inefficiency of monopoly and its redistributive effects. I believe that scholars interested in the institutional interaction between law and markets should read this important book.’
– Ugo Pagano, University of Siena, Italy
‘This book is a major achievement, based on a deep knowledge and understanding of both legal and economic theory, and a keen appreciation of the methodological challenges of interdisciplinary studies. The analysis is multi-layered and complex, but always presented attractively. The claims being advanced will be challenging for law and economics scholarship.’
– Simon Deakin, University of Cambridge, UK
‘This much needed book explores how consumer welfare ought to be the main beacon both lawyers and economists use when assessing some potentially unfair trading behaviours. By focusing on this economic concept, it is possible to influence the development of consumer law and arrive at a more protective environment for consumers.’
– Christine Riefa, University of Reading, UK
‘This original work offers a distinctive contribution to several strands of literature and methodological debates including EU consumer law, EU competition law, Law and economics and Quantitative study of jurisprudence. I am convinced that this will be an important and often cited book.’
– Anne-Lise Sibony, UCLouvain School of Law, Belgium
‘I have not often seen such an original, at the same time practically important and very concise and stringent work. I could not imagine one part in this book that should be deleted or that is less important. At the same time, I could not imagine a part that I would still want to see. It is an outstanding addition to the literature on law and economics.’
– Stefan Grundmann, Humboldt Universität, Germany and European University Institute, Italy
– Ugo Pagano, University of Siena, Italy
‘This book is a major achievement, based on a deep knowledge and understanding of both legal and economic theory, and a keen appreciation of the methodological challenges of interdisciplinary studies. The analysis is multi-layered and complex, but always presented attractively. The claims being advanced will be challenging for law and economics scholarship.’
– Simon Deakin, University of Cambridge, UK
‘This much needed book explores how consumer welfare ought to be the main beacon both lawyers and economists use when assessing some potentially unfair trading behaviours. By focusing on this economic concept, it is possible to influence the development of consumer law and arrive at a more protective environment for consumers.’
– Christine Riefa, University of Reading, UK
‘This original work offers a distinctive contribution to several strands of literature and methodological debates including EU consumer law, EU competition law, Law and economics and Quantitative study of jurisprudence. I am convinced that this will be an important and often cited book.’
– Anne-Lise Sibony, UCLouvain School of Law, Belgium
‘I have not often seen such an original, at the same time practically important and very concise and stringent work. I could not imagine one part in this book that should be deleted or that is less important. At the same time, I could not imagine a part that I would still want to see. It is an outstanding addition to the literature on law and economics.’
– Stefan Grundmann, Humboldt Universität, Germany and European University Institute, Italy
Contents
Contents: Introducing The Consumer Welfare Hypothesis 1. Canvassing a realistic cathedral with efficiency amongst its pillars PART I ALLOCATIVE EFFICIENCY CAN BE ABOUT CONSUMER WELFARE 2. A triangle is not a crown 3. The giants before us PART II ALLOCATIVE EFFICIENCY IS ABOUT CONSUMER WELFARE IN EU ANTITRUST AND CONSUMER LAW 4. How to search for allocative efficiency in law 5. Allocative efficiency in EU antitrust law 6. Allocative efficiency in EU consumer law Conclusions on The Consumer Welfare Hypothesis Legislation and cases Bibliography Index
