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Value and Exchange in Law and Economics: Buchanan versus Posner

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  • Alain Marciano

Abstract

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.

Suggested Citation

  • Alain Marciano, 2006. "Value and Exchange in Law and Economics: Buchanan versus Posner," ICER Working Papers 31-2006, ICER - International Centre for Economic Research.
    • Handle: RePEc:icr:wpicer:31-2006
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    Cited by:

    1. Christopher J. Coyne, 2010. "Economics as the Study of Coordination and Exchange," Chapters, in: Peter J. Boettke (ed.), 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(2), pages 215-232, June.
    3. Alain Marciano, 2012. "How far an Austrian law and economics should be Posnerian?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(4), pages 351-354, December.
    4. Kuehn, Daniel, 2021. "James Buchanan, Gordon Tullock, and the “Radically Irresponsible” One Person, One Vote Decisions," OSF Preprints zetq4, Center for Open Science.

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    More about this item

    Keywords

    Political economy; law and economics; economic analysis of law; subject matter; Buchanan; Posner; exchange; value.;
    All these keywords.

    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

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