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Public Choice, Constitutional Political Economy and Law and Economics

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Author Info
Ludwig van den Hauwe

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Abstract

The various subdisciplines within the emerging ‘new institutionalism’ in economics all draw special attention to the legal-political constraints within which economic and political agents choose and therefore represent a return of economics to its appropriate legal foundations. By changing the name of his research program to constitutional political economy Buchanan distanced himself from those parts of the public choice literature that remained too close to the traditional welfare economics approach. This chapter draws lessons for law and economics from recent developments in the re-emerging field of constitutional political economy. CPE compares alternative sets of institutional arrangements, in markets and the polity, and their outcomes, using ‘democratic consent’ as an internal standard of comparison. The chapter discusses the methodological foundation of the CPE approach, presents Buchanan’s reconstruction of the Coase theorem along subjectivist-contractarian lines and gives an overview of recent contributions to the literature. JEL classification: B41, D70, H10, K; Keywords: Constitutional Economics, Constitutional Political Economy, Public Choice, James M. Buchanan, Methodological Foundation

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File URL: http://129.3.20.41/eps/le/papers/0508/0508006.pdf
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Publisher Info
Paper provided by EconWPA in its series Law and Economics with number 0508006.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 57 pages
Date of creation: 15 Aug 2005
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Handle: RePEc:wpa:wuwple:0508006

Note: Type of Document - pdf; pages: 57 . A version of this paper was published as Chapter 0610 of the Encyclopedia of Law and Economics (eds. B. Bouckaert and G. De Geest), Volume I, pages 603-659.
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Web page: http://129.3.20.41

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Related research
Keywords: Law and Economics; Constitutional Economics;

Find related papers by JEL classification:
K - Law and Economics

References listed on IDEAS
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. Coase, R H, 1992. "The Institutional Structure of Production," American Economic Review, American Economic Association, vol. 82(4), pages 713-19, September. [Downloadable!] (restricted)
  2. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law & Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
  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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This page was last updated on 2009-11-25.

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