Putting Jurisprudence Back Into Economics

Putting Jurisprudence Back Into Economics
Author: David Ellerman
Publisher: Springer Nature
Total Pages: 193
Release: 2021-06-24
Genre: Political Science
ISBN: 3030760960

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This book presents an integrated jurisprudential critique of neoclassical microeconomic theory. It explains what is ‘really wrong’ with the theory both descriptively, as well as normatively. The criticism presented is based on questions of jurisprudence, and on neoclassical theory’s sins of omission and commission concerning the underlying system of property and contract. On the positive side - while the presentation is almost entirely non-mathematical - the book contains the first mathematical treatment of the fundamental theorem about property and contract in jurisprudence that underlies a market economy. The book follows the tradition of John Stuart Mill as the last major political economist who considered the study of property rights as an integral part of economic theory. The conceptual criticisms presented in this book focus on the descriptive and normative misconceptions about property and contracts that are deeply embedded ideology in neoclassical economics, not to mention in the broader society. The book recognizes that the idealized microeconomic theory is not descriptive of reality and focuses its criticism on conceptual mistakes in the theory, which are even clearer due to the idealized nature of the theory. Therefore, the book is a must-read for scholars, researchers, and students interested in a better understanding of jurisprudence in economics, neoclassical microeconomic theory, and political economy in general.

Under Cover of Science

Under Cover of Science
Author: James R. Hackney Jr.
Publisher: Duke University Press
Total Pages: 261
Release: 2007-03-28
Genre: Law
ISBN: 0822389711

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For more than two decades, the law and economics movement has been one of the most influential and controversial schools of thought in American jurisprudence. In this authoritative intellectual history, James R. Hackney Jr. situates the modern law and economics movement within the trajectory of American jurisprudence from the early days of the Republic to the present. Hackney is particularly interested in the claims of objectivity or empiricism asserted by proponents of law and economics. He argues that the incorporation of economic analysis into legal decision making is not an inherently objective enterprise. Rather, law and economics often cloaks ideological determinations—particularly regarding the distribution of wealth—under the cover of science. Hackney demonstrates how legal-economic thought has been affected by the prevailing philosophical ideas about objectivity, which have in turn evolved in response to groundbreaking scientific discoveries. Thus Hackney’s narrative is a history not only of law and economics but also of select strands of philosophy and science. He traces forward from the seventeenth-century the interaction of legal thinking and economic analysis with ideas about the attainability of certitude. The principal legal-economic theories Hackney examines are those that emerged from classical legal thought, legal realism, law and neoclassical economics, and critical legal studies. He links these theories respectively to formalism, pragmatism, the analytic turn, and neopragmatism/postmodernism, and he explains how each of these schools of philosophical thought was influenced by specific scientific discoveries: Newtonian physics, Darwin’s theory of evolution, Einstein’s theories of relativity, and quantum mechanics. Under Cover of Science challenges claims that the contemporary law and economics movement is an objective endeavor by historicizing ideas about certitude and empiricism and their relation to legal-economic thought.

Economics and Jurisprudence, Vol. 2

Economics and Jurisprudence, Vol. 2
Author: Henry C. Adams
Publisher: Forgotten Books
Total Pages: 74
Release: 2018-07-28
Genre:
ISBN: 9780366820559

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Excerpt from Economics and Jurisprudence, Vol. 2: An Address It is with no thought of subjecting to analysis any abstruse doctrine of political economy, or of discussing any legal question as a lawyer might discuss it, that I invite your attention for the few moments I have the honor to address you, to a consideration of the relation between Economics and Jurisprudence. My purpose, though less comprehensive, is more definite. Convinced as I am that much of the confusion in economic theory and much of the discord in industrial life, are alike due to inadequate expression by formal law of fundamental in dustrial rights, I desire to point out, as well as I may, the Character of that confusion and discord, and to sug gest the line along which evolution in jurisprudence must proceed in order that harmony in economic theory and peace in the business world may be established. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Economics and the Law

Economics and the Law
Author: Nicholas Mercuro
Publisher: Princeton University Press
Total Pages: 398
Release: 2020-07-21
Genre: Business & Economics
ISBN: 0691216010

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This is an expanded second edition of Nicholas Mercuro and Steven Medema's influential book Economics and the Law, whose publication in 1998 marked the most comprehensive overview of the various schools of thought in the burgeoning field of Law and Economics. Each of these competing yet complementary traditions has both redefined the study of law and exposed the key economic implications of the legal environment. The book remains true to the scope and aims of the first edition, but also takes account of the field's evolution. At the book's core is an expanded discussion of the Chicago school, Public Choice Theory, Institutional Law and Economics, and New Institutional Economics. A new chapter explores the Law and Economics literature on social norms, today an integral part of each of the schools of thought. The chapter on the New Haven and Modern Civic Republican approaches has likewise been expanded. These chapters are complemented by a discussion of the Austrian school of Law and Economics. Each chapter now includes an "At Work" section presenting applications of that particular school of thought. By providing readers with a concise, noncritical description of the broad contours of each school, this book illuminates the fundamental insights of a field with important implications not only for economics and the law, but also for political science, philosophy, public administration, and sociology.

Legal Foundations of Capitalism

Legal Foundations of Capitalism
Author: John R. Commons
Publisher: Routledge
Total Pages: 600
Release: 2017-07-05
Genre: Business & Economics
ISBN: 1351509101

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In what has universally been recognized as a classic of institutional economics, John R. Commons combined the skills of a professional economist, the sensibilities of an American historian, and the passion of an active participant in the conflicts of individuals, self-interest of groups, and function of voluntary associations.The aim of this volume is to work out an evolutionary and behavioral theory of value. In order to do so thoroughly, Commons examines the decisions of the courts. Doing so compelled an examination of what the courts mean by reasonable value. Commons found that the answer was tied up with a notion of reasonable conduct. It was Commons who carried the study of the habits and customs of social life to the next stage: the decisions of the courts that are based on custom and that profoundly impact the nature and function of the economic system as such.Reviewing Legal Foundations of Capitalism, Wesley Mitchell declared that Commons carried this "analysis further along his chosen line than any of his predecessors. Into our knowledge of capitalism he has incorporated a great body of new materials which no one else has used adequately." And writing in the same American Economic Review twenty-one years later, Selig Perlman noted that "To Commons the workingmen were not abstract building blocks out of which a favored deity called History was to shape the architecture of the new society, but concrete beings with legitimate ambitions for a higher standard of living and for more dignity in their lives." This edition is graced with a special introduction that places Commons in proper academic as well as intellectual context.

Law and Economics

Law and Economics
Author: Nicholas Mercuro
Publisher: Springer
Total Pages: 284
Release: 1989-01-31
Genre: Business & Economics
ISBN:

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The character of economic life] in a society is dependent upon, among 2 other things, its political-legal-economic institutional setting. Within that institutional structure, the individuals who comprise that society attempt to cooperate with one another to their mutual advantage so as to accommodate their joint utility-maximizing endeavors. In addition, these same individuals call upon certain societal institutions to adjust the con flicting claims of different individuals and groups. In this regard, a society is perceived as both a cooperative venture for mutual advantage where there are an identity of interests and, as well, an arena of conflict where there exists a mutual interdependence of conflicting claims or interests. The manner in which a society structures its political-legal-economic institutions 1) to enhance the scope of its cooperative endeavors and 2) to channel internal political-legal-economic conflicts toward resolution, shapes the character of economic life in that society. In contemplating the structure of its institutions intended to promote cooperation and channel conflict, a society confronts several issues. At the most general level an enduring issue is how a society both perceives and then ideologically transmits (perhaps teaches or rationalizes), inter nally and/or externally, its perceptions of so-called "cooperative en deavors" and "arenas of conflict." There can be no doubt that the resultant structure of a society's institutions will reflect that society's perception as to what cooperation entails and what conflict constitutes.

Democratizing the Corporation

Democratizing the Corporation
Author: Isabelle Ferreras
Publisher: Verso Books
Total Pages: 337
Release: 2024-03-19
Genre: Political Science
ISBN: 1804294535

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Worker representation is the first step toward democratizing the economy Although contemporary Western societies refer to themselves as “democratic,” the bulk of the population spend much of their lives in workplaces that have more in common with tyranny. Gigantic corporations such as Amazon, Meta, Exxon, and Walmart are among the richest and most powerful institutions in the world yet accountable to no one but their shareholders. The undemocratic nature of conventional firms generates profound problems across society, hurting more than just the workplace and contributing to environmental destruction and spiraling inequality. Against this backdrop, Isabelle Ferreras proposes a radical but realistic plan to democratize the private firm. She suggests that all large firms should be bicamerally governed, with a chamber of worker representatives sharing equal governance power with the standard board representing owners. In response to this proposal, twelve leading experts on corporate behavior from multiple disciplines consider its attractiveness, viability, and achievability as a “real utopian” proposal to strengthen democracy in our time.

Law and Economics

Law and Economics
Author: Robert Cooter
Publisher: Addison Wesley Publishing Company
Total Pages: 572
Release: 2000
Genre: Business & Economics
ISBN:

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Provides students with a method for applying economic analysis to the study of legal rules and institutions. Four key areas of law are covered: property; contracts; torts; and crime and punishment. Added examples and cases help to clarify economic applications further.

Law and Economics

Law and Economics
Author: Robin Paul Malloy
Publisher: Peter Lang Incorporated, International Academic Publishers
Total Pages: 494
Release: 1995
Genre: Law
ISBN:

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Law and Economics: New and Critical Perspectives is a unique collection of original scholarly essays. In this one book, the editors have assembled the contributions of many of the leading scholars in law and economics and have succeeded in capturing the breadth and depth of current debates within the field. There are essays describing the multiple perspectives and conflicting approaches to law and economics as well as contributions that apply the law and economics method to a variety of particular social problems. The essays show that law and economics analysis has evolved into a rich discourse with political, economic, and social consequences. This book will be of interest to a wide variety of researchers and students concerned with interdisciplinary approaches to some of our most pressing social problems.

An Economic Philosophy of Production, Work and Consumption

An Economic Philosophy of Production, Work and Consumption
Author: Rodney Edvinsson
Publisher: Taylor & Francis
Total Pages: 208
Release: 2022-08-01
Genre: Business & Economics
ISBN: 1000654842

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An Economic Philosophy of Production, Work and Consumption presents a new transhistorical framework of defining production, work and consumption. It shows that they all share the common feature of intentional physical transformation of something external to the agent, at some point in time. The book opens with a discussion of various theoretical traditions within economics, spanning mainstream and heterodox perspectives, and problems with production definitions in use today. Next, the author outlines various definitions in a more formal manner and provides a discussion on measurement and the production boundary. Unproductive work is redefined as socially reproductive, i.e. such that would not be performed on a Robinson Crusoe Island. Finally, the volume applies the new conceptual framework to various historical cases and discusses the future of production, work and consumption. This essential volume will be of interest to scholars of economic philosophy and methodology, the history of economic thought, economic history and national accounting.