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- W4231511254 abstract "wealth maximization. Richard Posner introduced wealth maximization as both an explanatory and normative criterion for economic analysis of law in the early 1970s. In the late 1970s and early 1980s, Posner (1979, 1980) defended a strong claim that wealth maximization was the appropriate criterion against which to assess legal rules. These claims, particularly the normative one, provoked vigorous controversy in the legal literature. Subsequently, perhaps in partial response to the previous controversy, perhaps as a result of his experience as a federal judge, Posner (1990, 1995) adopted a weaker position and altered his argument in defence of wealth maximization. In this essay, I revisit this debate. I begin with a definition of wealth maximization. I then consider the arguments for its use as a normative and explanatory criterion." @default.
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- W4231511254 date "1998-01-01" @default.
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- W4231511254 doi "https://doi.org/10.1007/978-1-349-14286-6_8" @default.
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