Playing Fair in Modern Democracies
Chapter 15: Benchmarking: rights and normative choice
This chapter examines the role of ‘rights’ in providing guidance for complex normative choices in modern democracies. It distinguishes the role of rights in guiding policy choices from their role in providing the underpinning for the legitimacy of constitutions. It draws on search market theory to discuss the role of rights as benchmarks. Benchmarks help to make choices by assembling what is relevant to a choice, facilitating comparisons and by pointing to anomalies in valuations. The analysis distinguishes between procedural rights and substantive rights applying to socio-economic and environmental conditions. It makes an analogy with the role of benchmarks in financial markets. It suggests that the problems associated with narrowing, oversupply, manipulation and moral hazard that apply to benchmarks in financial markets apply also, for different reasons, to substantive rights claims used as benchmarks in non-market choices.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.