Social and Behavioral Sciences Commons^™

Rule Of Law In Legal And Economic Theory, Noel B. Reynolds

Faculty Publications

Legal positivism, the leading version of legal theory, has shown that a concentration on the meanings and logical relations of legal concepts, however much supplemented by intuition, common sense and legal experience, is not adequate to make full sense out of the human experience of law, and the traditional understandings of legal obligation and rule of law in particular. However, modern economic science has advanced a radically individualistic theoretical approach which has propelled economics to the fore as the most successful of the social sciences. And its basic theoretical stance is proving both attractive and adaptable to all the other …