1. Fabrizio Esposito, 2022, The Consumer Welfare Hypothesis in Law and Economics: Towards a Synthesis for the 21st Century, Edward Elgar.
- Author
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Garoupa, Nuno
- Subjects
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CONSUMERS , *TWENTY-first century , *ECONOMICS education , *CONSUMER preferences , *CONSUMERS' surplus , *HYPOTHESIS - Abstract
In the book "The Consumer Welfare Hypothesis in Law and Economics: Towards a Synthesis for the 21st Century" by Fabrizio Esposito, the author argues for replacing the classical total welfare approach with the consumer welfare hypothesis in Law and Economics. This proposal is likely to face opposition from different strands of legal scholarship. Esposito aligns with Calabresi's Law and Economics school of thought, which prioritizes consumer welfare over total welfare. The book explores the economic pedigree of consumer welfare and examines how EU legal structures, such as antitrust and consumer law, align with the goal of maximizing consumer welfare. The author suggests that efficiency and equity are not necessarily in conflict and that economic analysis can provide valuable insights into European antitrust and consumer laws. While the book may face criticism for oversimplification and potential tautology, it offers a third way between Posnerian Law and Economics and Law and Political Economy, making it a significant contribution to legal scholarship. [Extracted from the article]
- Published
- 2024
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