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Value and exchange in law and economics: Buchanan versus posner

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Alain Marciano ()

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Abstract

Meir Kohn’s Exchange and Value claims that economics can be organised around two opposed paradigms, the exchange and the value paradigms. In this paper, we apply this dichotomy to characterize the analyses proposed by economists in the field known as “law and economics”. We compare and contrasts the perspectives proposed by two prominent scholars—James Buchanan and Richard Posner—and argue that they, respectively, represent the exchange and the value paradigm in law and economics. More precisely, we show that Buchanan sticks to a definition of economics based on the exchange paradigm, and this leads him to define law and economics in a rather specific, different, narrower than Posner’s way to define law and economics—a definition that corresponds to a conception of economics based on the value paradigm. Copyright Springer Science+Business Media, LLC 2007

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File URL: http://hdl.handle.net/10.1007/s11138-007-0018-0
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Publisher Info
Article provided by Springer in its journal The Review of Austrian Economics.

Volume (Year): 20 (2007)
Issue (Month): 2 (September)
Pages: 187-200
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Handle: RePEc:kap:revaec:v:20:y:2007:i:2:p:187-200

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Related research
Keywords: Political economy; Law and economics; Economic analysis of law; Subject matter; Buchanan; Posner; Exchange; Value; K1;

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. William M. Landes & Richard A. Posner, 1976. "Legal Precedent: A Theoretical and Empirical Analysis," NBER Working Papers 0146, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Sandmo, Agnar, 1990. "Buchanan on Political Economy: A Review Article," Journal of Economic Literature, American Economic Association, vol. 28(1), pages 50-65, March. [Downloadable!] (restricted)
  3. Landes, William M & Posner, Richard A, 1975. "The Independent Judiciary in an Interest-Group Perspective," Journal of Law & Economics, University of Chicago Press, vol. 18(3), pages 875-901, December.
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  4. Posner, Richard A, 1970. "A Statistical Study of Antitrust Enforcement," Journal of Law & Economics, University of Chicago Press, vol. 13(2), pages 365-419, October.
  5. Buchanan, James M, 1975. "A Contractarian Paradigm for Applying Economic Theory," American Economic Review, American Economic Association, vol. 65(2), pages 225-30, May. [Downloadable!] (restricted)
  6. Posner, Richard A, 1993. "Gary Becker's Contributions to Law and Economics," Journal of Legal Studies, University of Chicago Press, vol. 22(2), pages 211-15, June.
  7. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135. [Downloadable!] (restricted)
  8. Buchanan, James M, 1988. "Contractarian Political Economy and Constitutional Interpretation," American Economic Review, American Economic Association, vol. 78(2), pages 135-39, May. [Downloadable!] (restricted)
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  1. Alain Marciano & Sophie Harnay, 2008. "Posner, Economics and the Law: from Law and Economics to an Economic Analysis of Law," ICER Working Papers 09-2008, ICER - International Centre for Economic Research. [Downloadable!]
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