The Internal Limitation of Posner's Wealth Maximization Theory and Its Scope of Application
Posner applied the methodology of economic analysis to many fields of law,the most influential of which was his theory of wealth maximization,which was a pragmatic legal theory,based on his dissatisfaction with legal formal-ism,put forward on the basis of absorbing microeconomics,new institutional economics and welfare economics.However,this theory lacks attention to the dignity of individual rights,making it difficult to draw a clear line with utilitarianism.At the same time,it also shows the extreme tendency of instrumental rationality.Therefore,the scope of application of this theory should be regulated,which includes balancing the relationship between fairness and efficiency,accepting the test of moral values,framing it within the field of legislation,and respecting the function of legal formalism.
Posnerthe theory of wealth maximizationlaw economicsutilitarianism
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