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Jeremy Bentham and the economic efficiency of legal rules
[Jeremy Bentham et l’efficience économique du droit]

Author

Listed:
  • Marco Guidi
  • Nathalie Sigot

    (PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This article aims at showing how Bentham addressed the modern issue of the economic efficiency of the law (as defined by Posner) ; to do that, we focus on "Defence of Usury" [1787] and the manuscript "Sur les prix" [1801a] : in 1787, Bentham stated that, in order to increase wealth, the rate of interest should be freely determined by the market ; in 1801, he called for a system of controlling the money supply growth. The relationship between market and rules is thus fundamental ; with usury laws, rules are intended to replace market, although market is more efficient and opens many possibilities of circumvention (I), while Bentham plead for a complementary relationship between rules and market, in the case of his proposals for controlling the money supply (II).

Suggested Citation

  • Marco Guidi & Nathalie Sigot, 2014. "Jeremy Bentham and the economic efficiency of legal rules [Jeremy Bentham et l’efficience économique du droit]," Post-Print hal-01104901, HAL.
    • Handle: RePEc:hal:journl:hal-01104901
    DOI: 10.3917/reco.652.0225
    as

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