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Value and Exchange in Law and Economics: Buchanan versus Posner

  • Alain Marciano

    ()

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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File URL: http://servizi.sme.unito.it/icer_repec/RePEc/icr/wp2006/ICERwp31-06.pdf
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Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 31-2006.

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Length: 23 pages
Date of creation: Jul 2006
Date of revision:
Handle: RePEc:icr:wpicer:31-2006
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  1. James Buchanan, 1990. "The domain of constitutional economics," Constitutional Political Economy, Springer, vol. 1(1), pages 1-18, December.
  2. A. Mitchell Polinsky & Steven Shavell, 2005. "Economic Analysis of Law," Discussion Papers 05-005, Stanford Institute for Economic Policy Research.
  3. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135.
  4. Buchanan, James M, 1988. "Contractarian Political Economy and Constitutional Interpretation," American Economic Review, American Economic Association, vol. 78(2), pages 135-39, May.
  5. 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.
  6. 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.
  7. 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 903-05, December.
  8. Coase, R H, 1993. "Law and Economics at Chicago," Journal of Law and Economics, University of Chicago Press, vol. 36(1), pages 239-54, April.
  9. Coase, Ronald, 1998. "The New Institutional Economics," American Economic Review, American Economic Association, vol. 88(2), pages 72-74, May.
  10. Posner, Richard A, 1987. "The Law and Economics Movement," American Economic Review, American Economic Association, vol. 77(2), pages 1-13, May.
  11. William M. Landes & Richard A. Posner, 1976. "Legal Precedent: A Theoretical and Empirical Analysis," NBER Working Papers 0146, National Bureau of Economic Research, Inc.
  12. Sandmo, Agnar, 1990. "Buchanan on Political Economy: A Review Article," Journal of Economic Literature, American Economic Association, vol. 28(1), pages 50-65, March.
  13. 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.
  14. 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 439-52, October.
  15. Meir Kohn, 2004. "Value and Exchange," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 303-339, Fall.
  16. 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 211-15, June.
  17. 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 907-11, December.
  18. Buchanan, James M, 1975. "A Contractarian Paradigm for Applying Economic Theory," American Economic Review, American Economic Association, vol. 65(2), pages 225-30, May.
  19. repec:cto:journl:v:24:y:2004:i:3:p: is not listed on IDEAS
  20. 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 103-19, January.
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