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| Content Provider | Springer Nature Link |
|---|---|
| Author | Marcia, Alain |
| Copyright Year | 2007 |
| 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. |
| Starting Page | 187 |
| Ending Page | 200 |
| Page Count | 14 |
| File Format | |
| ISSN | 08893047 |
| Journal | The Review of Austrian Economics |
| Volume Number | 20 |
| Issue Number | 2-3 |
| e-ISSN | 15737128 |
| Language | English |
| Publisher | Kluwer Academic Publishers-Plenum Publishers |
| Publisher Date | 2007-03-29 |
| Publisher Place | New York |
| Access Restriction | One Nation One Subscription (ONOS) |
| Subject Keyword | Political economy Law and economics Economic analysis of law Subject matter Buchanan Posner Exchange Value Methodology and the History of Economic Thought Political Science Public Finance & Economics |
| Content Type | Text |
| Resource Type | Article |
| Subject | Economics, Econometrics and Finance |
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