Toward a Liberal Analysis of the Law

23 Pages Posted: 4 Dec 2019

See all articles by Jon Murphy

Jon Murphy

Western Carolina University

Date Written: November 26, 2019


This paper looks to explore the effects of James Buchanan's book Cost and Choice since its publication. I discuss how Cost and Choice has had a limited impact on the treatment of welfare economics within Law & Economics. I then elaborate on Buchanan's discussion to highlight other issues within the field and how they provide some insight into Buchanan's conception of the rule of law. This paper also discusses some implications for Law & Economics analysis moving forward.

Keywords: James Buchanan, Bruno Leoni, Law and Economics, Subjective Economics, Adam Smith

JEL Classification: B31, B41, K11

Suggested Citation

Murphy, Jonathan, Toward a Liberal Analysis of the Law (November 26, 2019). GMU Working Paper in Economics Forthcoming, Available at SSRN: or

Jonathan Murphy (Contact Author)

Western Carolina University ( email )

1 University Way
Cullowhee, NC 28723
United States

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