In this study theories which perceive the law's main goal to be instrumental in wealth creation, in the sense that legal rules should be formulated so as to be conducive to efficiency (and hence increase the wealth of a society), will be contrasted with perceptions of law as the continuous balance between political choices whose purpose is to advance justice, including distributive justice, as equality. These values are recognized, not as prudential or utilitarian, but as categorical. An apparent characteristic of doctrines which perceive the role of law as enhancing wealth in that they necessarily accept, as given, the contemporary values of distributive justice. In addition to this Panglossian quality, they have also raised doubts regarding welfare theories of social cost, “externalities” which provide the bedrock foundation of emerging theories of liability for harms due to scientific and technological innovations. These critics of social cost theories question the attribution of causation, and thus of costs, as a matter of logical or social necessity to any enterprise or conduct. Their question is “what is a cost of what activity?” This has been paraphrased, for example by Calabresi, as: “Is a pedestrian-auto accident to be attributed to driving or walking?” The welfare economists, in opposition to this relativism, argue that protean “transaction costs”, or “information costs” justify intervention in the name of amelioration. In this way the legislatures and the judges are called upon to intervene in the name of that same efficiency which was also standard to the conservative opponents of strict and absolute liability.