Open Access. Powered by Scholars. Published by Universities.®
Social and Behavioral Sciences Commons™
Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Social and Behavioral Sciences
Pareto Optimality And The Rule Of Law, Noel B. Reynolds
Pareto Optimality And The Rule Of Law, Noel B. Reynolds
Faculty Publications
In 1959, James M. Buchanan criticized the collectivist misuse of Pareto optimality by the "new welfare economists" and made a first attempt to extend that individualist concept into the political realm. Over the following three decades he further developed his political application of Pareto’s insight to buttress an essentially economic analysis of political exchange that would justify the processes of constitutional democracy in the same way Pareto efficiency justifies free markets. In this paper I will explain why Buchanan’s particular formulations will not work and propose a more comprehensive solution that accomplishes Buchanan’s announced purpose. I will argue that a …
Conventionalism And Contractarianism, Noel B. Reynolds
Conventionalism And Contractarianism, Noel B. Reynolds
Faculty Publications
In this paper Noel B. Reynolds’s theory of law as convention is compared to the public choice contractarian theory of James M. Buchanan. While there are numerous similarities, major differences emerge. Only conventionalism can produce legal and political authority and norms to guide the use of that authority in maintaining the rule of law. The concept of constructive unanimity is introduced to overcome the ultimate failure of contractarianism to legitimate the authority of law.