Law — fair or economically efficient?
The article presents the stance in adiscussion about the axiological preferences that should be considered by the legislator while enacting the law. In the light of growing importance of law and economics, the author makes an attempt to answer the question about which of the values — economic efficiency or justice — the organs issuing but also using law, should give primacy.
The author presents different views on the meanings for justice and economic efficiency. Then shows the most important factors to be considered while enacting the law, so it may be economically efficient. Following this, he contemplates if enactment of law that is only economically efficient is sufficient.
In conclusion the author delineates the view that the law may neither be only economically efficient, nor only fair. The legislator has an obligation and apossibility to take under consideration in the legislation the economic and social — including fairness’ — effects of the enacted law.