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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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Bibliographic 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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Web page: http://www.springerlink.com/link.asp?id=100335

Related research

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

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References

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  1. Buchanan, James M, 1975. "A Contractarian Paradigm for Applying Economic Theory," American Economic Review, American Economic Association, vol. 65(2), pages 225-30, May.
  2. James Buchanan, 1990. "The domain of constitutional economics," Constitutional Political Economy, Springer, vol. 1(1), pages 1-18, December.
  3. Sandmo, Agnar, 1990. "Buchanan on Political Economy: A Review Article," Journal of Economic Literature, American Economic Association, vol. 28(1), pages 50-65, March.
  4. William M. Landes & Richard A. Posner, 1976. "Legal Precedent: A Theoretical and Empirical Analysis," NBER Working Papers 0146, National Bureau of Economic Research, Inc.
  5. Meir Kohn, 2004. "Value and Exchange," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 303-339, Fall.
  6. Buchanan, James M, 1988. "Contractarian Political Economy and Constitutional Interpretation," American Economic Review, American Economic Association, vol. 78(2), pages 135-39, May.
  7. William M. Landes & Richard A. Posner, 1975. "The Independent Judiciary in an Interest-Group Perspective," NBER Working Papers 0110, National Bureau of Economic Research, Inc.
  8. Coase, R H, 1996. "Law and Economics and A. W. Brian Simpson," The Journal of Legal Studies, University of Chicago Press, vol. 25(1), pages 103-19, January.
  9. Posner, Richard A, 1993. "Gary Becker's Contributions to Law and Economics," The Journal of Legal Studies, University of Chicago Press, vol. 22(2), pages 211-15, June.
  10. repec:cto:journl:v:24:y:2004:i:3:p: is not listed on IDEAS
  11. Buchanan, James M, 1975. "The Independent Judiciary in an Interest-Group Perspective: Comment," Journal of Law and Economics, University of Chicago Press, vol. 18(3), pages 903-05, December.
  12. Coase, Ronald, 1998. "The New Institutional Economics," American Economic Review, American Economic Association, vol. 88(2), pages 72-74, May.
  13. Posner, Richard A, 1987. "The Law and Economics Movement," American Economic Review, American Economic Association, vol. 77(2), pages 1-13, May.
  14. Coase, R H, 1993. "Law and Economics at Chicago," Journal of Law and Economics, University of Chicago Press, vol. 36(1), pages 239-54, April.
  15. Posner, Richard A, 1970. "A Statistical Study of Antitrust Enforcement," Journal of Law and Economics, University of Chicago Press, vol. 13(2), pages 365-419, October.
  16. Samuels, Warren J, 1975. "The Independent Judiciary in an Interest-Group Perspective: Comment," Journal of Law and Economics, University of Chicago Press, vol. 18(3), pages 907-11, December.
  17. A. Mitchell Polinsky & Steven Shavell, 2005. "Economic Analysis of Law," Discussion Papers 05-005, Stanford Institute for Economic Policy Research.
  18. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135.
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Cited by:
  1. Harnay, Sophie & Marciano, Alain, 2009. "Posner, Economics And The Law: From “Law And Economics” To An Economic Analysis Of Law," Journal of the History of Economic Thought, Cambridge University Press, vol. 31(02), pages 215-232, June.

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