Meir Kohn’s Exchange and Value claims that economics can be characterised around two opposed paradigms, the exchange and the value paradigms. In this paper, we apply this dichotomy to characterise 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 efine 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.
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Publisher Info
Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number
31-2006.
Length: 23 pages Date of creation: Jul 2006 Date of revision: Handle: RePEc:icr:wpicer:31-2006
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Find related papers by JEL classification: B31 - Schools of Economic Thought and Methodology - - History of Thought: Individuals - - - Individuals B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
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