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Public Choice, Constitutional Political Economy and Law and Economics

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  • Ludwig van den Hauwe

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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Bibliographic Info

Paper provided by EconWPA in its series Law and Economics with number 0508006.

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Length: 57 pages
Date of creation: 15 Aug 2005
Date of revision:
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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Keywords: Law and Economics; Constitutional Economics;

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  1. 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.
  2. Coase, Ronald H., 1991. "The Institutional Structure of Production," Nobel Prize in Economics documents 1991-1, Nobel Prize Committee.
  3. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
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Cited by:
  1. Syed Arshad Hussain Shah & Syed Akhter Hussain Shah & Mahmood Khalid, 2007. "Incompatibility of Laws and Natural Resources: A Case Study of Land Revenue Laws and Their Implications in Federal Areas of Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 46(4), pages 1105-1117.

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