Prompt in docx.
please only use the readings mentioned in prompt and the ones I provided.
A good essay will begin with a thesis that clearly summarizes your analysis of the proposition. You may agree, disagree, or agree in part and disagree in part with the proposition. Use the materials that the question requires plus other material that we have studied this semester to support your thesis. You are limited to 900 words per essay.
Ronald Coase initiated an analytical critique of our legal system, including property rights, with his article “The Problem of Social Cost.” Law and economic scholars, building upon the insights of this article, have demonstrated the irrationality of traditional approaches to law that assume that “justice” can be discovered in the natural law, by common law judges or created from competing political interests. Instead, these scholars have proven that the only rational goal of a legal system is to maximize market efficiency and maximize economic output, without concern for any resulting inequality of distribution. By maximizing the efficiency of the market, law will achieve the greatest social utility. To achieve efficiency lawmakers should use economic analysis to analyze legal problems and force the law to mimic the market outcome that would result but for the impediment of transaction costs.
Proposition: Coase’s theory discovered the only rational method of analyzing legal problems in the 21st century.
Analyze this proposition using the ideas of at least two of the following writers besides Coase: Karl Marx, Mark Roe in “Backlash,” Thorstein Veblen, Adam Smith, Milton Friedman, George Akerlof and Robert Shiller, Phishing for Phools.
