Economic Analysis of Contract Law: Efficiency vs Fairness
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2026
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| _version_ | 1866901332697284608 |
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| author | Rajput, Varsha Hamersingh |
| author_facet | Rajput, Varsha Hamersingh |
| contents | <p class="MsoNormal"><strong><em><span>Abstract</span></em></strong></p> <p class="MsoNormal"><em><span><span> </span>This essay offers a thorough analysis of the literature looking at the basic conflict in contract law between economic efficiency and fairness. Legal systems now prioritize allocative efficiency and wealth maximization in their approach to contractual relations as a result of the convergence of economics and law. However, this strategy presents serious moral and practical issues with substantive fairness and distributive justice. This study shows that, although being frequently depicted as mutually exclusive, efficiency and fairness can be reconciled through integrated frameworks that acknowledge many policy goals. It does this by analyzing prominent scholarly viewpoints, legal theories, and empirical data. According to the study, systems that are solely focused on justice may not have the incentive mechanisms required for the best distribution of resources, while efficiency-driven strategies may exacerbate inequality and erode societal trust. The study comes to the conclusion that modern contract law necessitates a balanced strategy—one that makes use of economic instruments to improve welfare while upholding strong safeguards for weaker parties and guaranteeing a fair allocation of contractual advantages and disadvantages.</span></em></p> <p class="MsoNormal"> </p> |
| format | Recurso digital |
| id | zenodo_https___doi_org_10_5281_zenodo_20023912 |
| institution | Zenodo |
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| publishDate | 2026 |
| publisher | Zenodo |
| record_format | zenodo |
| spellingShingle | Economic Analysis of Contract Law: Efficiency vs Fairness Rajput, Varsha Hamersingh Keywords: Economic analysis of law; contract law; efficiency; fairness; wealth maximization; distributive justice; transaction costs; breach of contract; legal remedies; consumer protection; autonomy; justice principles <p class="MsoNormal"><strong><em><span>Abstract</span></em></strong></p> <p class="MsoNormal"><em><span><span> </span>This essay offers a thorough analysis of the literature looking at the basic conflict in contract law between economic efficiency and fairness. Legal systems now prioritize allocative efficiency and wealth maximization in their approach to contractual relations as a result of the convergence of economics and law. However, this strategy presents serious moral and practical issues with substantive fairness and distributive justice. This study shows that, although being frequently depicted as mutually exclusive, efficiency and fairness can be reconciled through integrated frameworks that acknowledge many policy goals. It does this by analyzing prominent scholarly viewpoints, legal theories, and empirical data. According to the study, systems that are solely focused on justice may not have the incentive mechanisms required for the best distribution of resources, while efficiency-driven strategies may exacerbate inequality and erode societal trust. The study comes to the conclusion that modern contract law necessitates a balanced strategy—one that makes use of economic instruments to improve welfare while upholding strong safeguards for weaker parties and guaranteeing a fair allocation of contractual advantages and disadvantages.</span></em></p> <p class="MsoNormal"> </p> |
| title | Economic Analysis of Contract Law: Efficiency vs Fairness |
| topic | Keywords: Economic analysis of law; contract law; efficiency; fairness; wealth maximization; distributive justice; transaction costs; breach of contract; legal remedies; consumer protection; autonomy; justice principles |
| url | https://doi.org/10.5281/zenodo.20023912 |