IDEAS home Printed from https://ideas.repec.org/a/kap/revaec/v20y2007i2p187-200.html
   My bibliography  Save this article

Value and exchange in law and economics: Buchanan versus posner

Author

Listed:
  • Alain Marciano

    ()

Abstract

Meir Kohn’s Exchange and Value claims that economics can be organised around two opposed paradigms, the exchange and the value paradigms. In this paper, we apply this dichotomy to characterize 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 define 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. Copyright Springer Science+Business Media, LLC 2007

Suggested Citation

  • Alain Marciano, 2007. "Value and exchange in law and economics: Buchanan versus posner," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 20(2), pages 187-200, September.
  • Handle: RePEc:kap:revaec:v:20:y:2007:i:2:p:187-200
    DOI: 10.1007/s11138-007-0018-0
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s11138-007-0018-0
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Meir Kohn, 2004. "Value and Exchange," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 303-339, Fall.
    2. Samuels, Warren J, 1975. "The Independent Judiciary in an Interest-Group Perspective: Comment," Journal of Law and Economics, University of Chicago Press, vol. 18(3), pages 907-911, December.
    3. Buchanan, James M, 1975. "The Independent Judiciary in an Interest-Group Perspective: Comment," Journal of Law and Economics, University of Chicago Press, vol. 18(3), pages 903-905, December.
    4. Sandmo, Agnar, 1990. "Buchanan on Political Economy: A Review Article," Journal of Economic Literature, American Economic Association, vol. 28(1), pages 50-65, March.
    5. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135-135.
    6. James M. Buchanan, 1962. "The relevance of Pareto optimality," Journal of Conflict Resolution, Peace Science Society (International), vol. 6(4), pages 341-354, December.
    7. Ronald H. Coase, 2000. "The new institutional economics," Chapters,in: Institutions, Contracts and Organizations, chapter 1 Edward Elgar Publishing.
    8. Buchanan, James M, 1972. "Politics, Property, and the Law: An Alternative Interpretation of Miller et al. v. Schoene," Journal of Law and Economics, University of Chicago Press, vol. 15(2), pages 439-452, October.
    9. Steven G. Medema, 2000. "“Related Disciplines”: The Professionalization of Public Choice Analysis," History of Political Economy, Duke University Press, vol. 32(5), pages 289-324, Supplemen.
    10. Coase, R H, 1993. "Law and Economics at Chicago," Journal of Law and Economics, University of Chicago Press, vol. 36(1), pages 239-254, April.
    11. Coase, R H, 1996. "Law and Economics and A. W. Brian Simpson," The Journal of Legal Studies, University of Chicago Press, vol. 25(1), pages 103-119, January.
    12. Landes, William M & Posner, Richard A, 1975. "The Independent Judiciary in an Interest-Group Perspective," Journal of Law and Economics, University of Chicago Press, vol. 18(3), pages 875-901, December.
    13. A. Mitchell Polinsky & Steven Shavell, 2005. "Economic Analysis of Law," Discussion Papers 05-005, Stanford Institute for Economic Policy Research.
    14. James Buchanan, 1990. "The domain of constitutional economics," Constitutional Political Economy, Springer, vol. 1(1), pages 1-18, December.
    15. repec:cto:journl:v:24:y:2004:i:3:p: is not listed on IDEAS
    16. Landes, William M & Posner, Richard A, 1976. "Legal Precedent: A Theoretical and Empirical Analysis," Journal of Law and Economics, University of Chicago Press, vol. 19(2), pages 249-307, August.
    17. Posner, Richard A, 1993. "Gary Becker's Contributions to Law and Economics," The Journal of Legal Studies, University of Chicago Press, vol. 22(2), pages 211-215, June.
    18. Posner, Richard A, 1970. "A Statistical Study of Antitrust Enforcement," Journal of Law and Economics, University of Chicago Press, vol. 13(2), pages 365-419, October.
    19. Buchanan, James M, 1975. "A Contractarian Paradigm for Applying Economic Theory," American Economic Review, American Economic Association, vol. 65(2), pages 225-230, May.
    20. Buchanan, James M, 1988. "Contractarian Political Economy and Constitutional Interpretation," American Economic Review, American Economic Association, vol. 78(2), pages 135-139, May.
    21. Posner, Richard A, 1987. "The Law and Economics Movement," American Economic Review, American Economic Association, vol. 77(2), pages 1-13, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Christopher J. Coyne, 2010. "Economics as the Study of Coordination and Exchange," Chapters,in: Handbook on Contemporary Austrian Economics, chapter 2 Edward Elgar Publishing.
    2. Harnay, Sophie & Marciano, Alain, 2009. "Posner, Economics And The Law: From “Law And Economics” To An Economic Analysis Of Law," Journal of the History of Economic Thought, Cambridge University Press, vol. 31(02), pages 215-232, June.

    More about this item

    Keywords

    Political economy; Law and economics; Economic analysis of law; Subject matter; Buchanan; Posner; Exchange; Value; K1;

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:revaec:v:20:y:2007:i:2:p:187-200. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla) or (Rebekah McClure). General contact details of provider: http://www.springer.com .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.