The Question is: “The problem with economic analysis of law is that money is not an adequate measure of welfare or fairness.” Discuss.

Footnotes must contain only citations and not text.
Recommended Referencing:
G Calabresi The Cost of Accidents: a Legal and Economic Analysis (Newhaven:Yale UP, 1970)
P Cane “The Anatomy of Private Law Theory: A 25th Anniversary Essay” (2005) 25 OJLS 203
R Coase “The Problem of Social Cost” 3 Journal of Law and Economics 1 (1960)
R Dworkin “Is Wealth a Value”, chapter 12 of A Matter of Principle
R Dworkin Law’s Empire chapter 8
I Englard The Philosophy of Tort Law (Aldershot: Dartmouth, 1993)
George Fletcher “Fairness and Utility in Tort Theory” 85 Harvard Law Review 537 (1972)
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Philosophy of Law and Legal Theory (2nd ed, Oxford: Blackwell, 2010)
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Richard Posner “A Theory of Negligence” 1 J. Leg. Studies 29 (1972) pp.29-33
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R Posner Economic Analysis of Law (8th ed, New York: Aspen, 2011) chapter 6
G Postema ed Philosophy and the Law of Torts (Cambridge: CUP, 2001)
R Wright “Hand, Posner, and the Myth of the ‘Hand Formula’” 4 Theoretical Inquiries in
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