Question: Using economic analysis, fully explain how both private efficiency and social efficiency operate in a tort system of legal rights and remedies. In your answer,

Using economic analysis, fully explain how both private efficiency and social efficiency operate in a tort system of legal rights and remedies. In your answer, fully explain how private costs, social costs and transaction costs arise in this system and what is meant by "social contract?

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In a tort system of legal rights and remedies both private efficiency and social efficiency play crucial roles in shaping the economic outcomes Private Efficiency Private efficiency refers to the opti... View full answer

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