Topic: How is ‘efficiency’ determined in the insolvency context? Clarifying the meaning of efficiency with the conjunction of insolvency jurisprudence and economic methodology

Presenter: Rachel Lee

The thesis aims to understand how efficiency is determined in the insolvency context. It advances two important points. First, the context for understanding what efficiency means is provided by the insolvency law perspectives. Second, whether this understanding of efficiency is endorsed as appropriate for use depends upon its coherence with one’s position on economic method. Conflict can arise where the methodological properties of the efficiency criterion or criteria affined with a particular insolvency law perspective clashes with one’s own views on economic method. This is problematic to the extent that efficiency is not properly defined. This potential for conflict is crucial to the thesis argument that both the jurisprudence and economic method components must cohere with each other in order to determine the meaning of efficiency. By considering how method can endorse or oppose particular efficiency criteria, the thesis encourages giving pause for thought to the way that policy proposals are affected by the decision-maker’s stance on economic method.

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