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Elevating Competition: Classical Political Economy in Justice Peckham’s Jurisprudence

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  • Nicola Giocoli

Abstract

This paper deals with the famous Lochner v. New York (1905) decision from the perspective of the history of economic thought. In »Lochner« the Supreme Court affirmed freedom of contract as a substantive constitutional right. It is argued that, in writing for the majority, Justice Rufus W. Peckham was heavily influenced by classical political economy. Not, however, in the trivial sense of endorsing pure laissez faire, but in the deeper sense of applying Adam Smith’s recipe for building a “system of natural liberty”, viz., a social order founded on justice, private property, and free competition. My interpretation is validated by looking at the economic content of Peckham’s jurisprudence as a judge in the New York Court of Appeals.

Suggested Citation

  • Nicola Giocoli, 2017. "Elevating Competition: Classical Political Economy in Justice Peckham’s Jurisprudence," Journal of Contextual Economics (JCE) – Schmollers Jahrbuch, Duncker & Humblot, Berlin, vol. 137(4), pages 331-370.
    • Handle: RePEc:dah:aeqjce:v137_y2017_i4_q4_p331-370
    DOI: 10.3790/schm.137.4.331
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    References listed on IDEAS

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    1. Raymond de Roover, 1951. "Monopoly Theory Prior to Adam Smith: A Revision," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 65(4), pages 492-524.
    2. Acemoglu,Daron & Robinson,James A., 2009. "Economic Origins of Dictatorship and Democracy," Cambridge Books, Cambridge University Press, number 9780521671422, September.
    3. Stigler, George J, 1976. "The Successes and Failures of Professor Smith," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1199-1213, December.
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    More about this item

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General

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