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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

Suggested Citation

  • Ludwig van den Hauwe, 2005. "Public Choice, Constitutional Political Economy and Law and Economics," Law and Economics 0508006, University Library of Munich, Germany.
  • 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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    References listed on IDEAS

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    1. Ronald H. Coase, 2008. "The Institutional Structure of Production," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 2, pages 31-39, Springer.
    2. 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.
    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. Van Den Hauwe, Ludwig, 2017. "Monetary Constitutionalism: Some Recent Developments," MPRA Paper 83052, University Library of Munich, Germany.
    2. Rakhmeeva, I. I., 2017. "Development of a quality rating for regulatory impact assessment in municipalities," R-Economy, Ural Federal University, Graduate School of Economics and Management, vol. 3(1), pages 23-31.
    3. 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.
    4. Ph.D. Canditate Mathias ROYCE, 2010. "Philosophical Perspectives on the Social Contract Theory: Hobbes, Kant and Buchanan Revisited. A Comparison of Historical thought Surrounding the Philosophical Consequences of the Social Contract and ," Postmodern Openings, Editura Lumen, Department of Economics, vol. 4, pages 45-62, December.

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    More about this item

    Keywords

    Law and Economics; Constitutional Economics;

    JEL classification:

    • K - Law and Economics

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