Utilitarianism, economics and legal theory

Authors

  • Richard Allen Posner United States Court of Appeals for the Seventh Circuit in Chicago; University of Chicago Law School

Abstract

In this paper published in 1979, Richard Posner first introduced his original theory of wealth maximization. The work consists of several parts. The first part of the work deals with several preliminary problems, including the difference between positive and normative analysis and the establishment of a criterion of preference between ethical theories. The second part which Richard Posner believes to be the main one is devoted to the differences between utilitarianism and wealth maximization as normative systems, as well as to a brief review of the Kantian approach. Judge Posner emphasizes that the difference between the ability to receive pleasure and productive work for the benefit of others is a key to distinguish between utilitarianism and wealth maximization as ethical systems. The article also contains four annexes that deal with some normative disputes about the law from the point of view of economic analysis which the author carefully separates from utilitarianism. Thus, in particular, Posner discusses in detail the problem of the death penalty, the right to privacy, personal liberties, a market approach to the adoption of children and the acquisition of donor organs. 

Keywords:

wealth maximization theory, utilitarianism, economic analysis of law, Chicago School of Economic Analysis, R. Dworkin, H. L. A. Hart, W. Pareto, J. Bentham, J. J. K. Smart

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Author Biography

Richard Allen Posner, United States Court of Appeals for the Seventh Circuit in Chicago; University of Chicago Law School

judge; Senior Lecturer 

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Published

01.06.2017

How to Cite

Posner, R. A. . (2017). Utilitarianism, economics and legal theory. Pravovedenie, 61(3), 46–89. Retrieved from https://pravovedenie.spbu.ru/article/view/6766

Issue

Section

Concept of law