Could you please answer each question at least 500 words.
Q1. What is the appropriate domain of economics? What about Law and Economics? Do you agree that legally coerced transactions are less likely to promote happiness than market transactions? What does this view have to say about the respective roles of states and markets?
Q2. What are the defining traits of Chicago Law and Economics? How does the “first great law and economics movement” differ from Chicago Law and Economics?
Q3. According to Ronald Coase, what is being traded on markets: physical entities or legal entitlements? Why? What does the Coase Theorem say about the importance of the legal system? What are the possible interpretations of the Coase Theorem? Is it limited to explaining why efficient results fail to occur?
Q4. What does Kaldor-Hicks efficiency mean? How does it differ from Pareto efficiency? How does wealth maximization differ from utilitarianism?
Q5. How does cost-benefit analysis proceed? Is cost-benefit analysis neutral and apolitical? Are there any “political” decisions underlying its application? Is social wealth a component of social value?