Pareto Optimality and the Rule of Law: Critique of Buchanan's Political Economy
4 Pages Posted: 28 Oct 2015
Date Written: October 27, 2015
Abstract
Pareto optimality is a concept in economics that deals with optimum condition of resource distribution. James Buchanan in his essay extended the idea into the political realm to understand how unanimous consensus is reached. This essay attempts to examine whether he was justified in using the assumptions discounting the Rule of Law angle.
Keywords: Political Economy, James Buchanan, Pareto Optimality, Rule of Law
JEL Classification: D61, D62, P16
Suggested Citation: Suggested Citation
Kylasam Iyer, Deepa, Pareto Optimality and the Rule of Law: Critique of Buchanan's Political Economy (October 27, 2015). Available at SSRN: https://ssrn.com/abstract=2680535 or http://dx.doi.org/10.2139/ssrn.2680535
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