Utility and Wealth-Maximisation: The Philosophical Foundations of the Chicago School of Law and Economics

Keywords: economic analysis of law, ethic of productivity, wealth-maximization, pragmatic decision procedure, teleological theory, utilitarianism

English abstract: The article discusses the philosophical rootedness of the economic analysis of law. Utilitarianism is identified as the main source of inspiration for the law and economics movement. A brief account of the most important issues that utilitarianism raises is given. A detailed analysis of the complex relationship between utilitarianism and wealth-maximisation is carried out. The affinities and the differences between the two standpoints are specified. The main disparity, i.e. the status of both maximisation precepts is highlighted. The incoherence of R. Posner’s position including his pragmatic argument for wealth maximisation and his commitment to the thesis about ethical convergence is pointed out.

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