Efficiency as Explanation or as Objective Both raise the same question How can legal rules be used to produce an efficient outcome? Private property and trade are the first approximation answer Law can be used to try to fix the problems with that solution Or law could be used to achieve an objective other than efficiency Such as more equal outcomes ·Or more just outcomes The approach is interesting in part because it unifies law Tort law:What rules maximize net benefit to everyone Contract law:What terms maximize net benefit to the parties Dollar benefit is what matters,since Dollars are what one party can offer the other to agree to terms Property law:What rules maximize net benefit Criminal law:What rules...Efficiency as Explanation or as Objective • Both raise the same question • How can legal rules be used to produce an efficient outcome? • Private property and trade are the first approximation answer • Law can be used to try to fix the problems with that solution • Or law could be used to achieve an objective other than efficiency • Such as more equal outcomes • Or more just outcomes • The approach is interesting in part because it unifies law • Tort law: What rules maximize net benefit to everyone • Contract law: What terms maximize net benefit to the parties • Dollar benefit is what matters, since • Dollars are what one party can offer the other to agree to terms • Property law: What rules maximize net benefit • Criminal law: What rules …