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Law, Morality and Economics: An Economic Analysis of Law and Richard Posner''s Theory of Wealth Maximization

New Arrival Law, Morality and Economics: An Economic Analysis of Law and Richard Posner''s Theory of Wealth Maximization

Law, Morality and Economics: An Economic Analysis of Law and Richard Posner''s Theory of Wealth Maximization

Author: Victor Dorokhin
Publisher: Edward Elgar Publishing
ISBN: 9781035379491
Published In: February 2026
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

List Price: HKD 1,365.00

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Description
Contents

Details

This book reconceptualizes wealth maximization in law and economics, proposing a revised framework that integrates cognitive and moral dimensions into institutional analysis. Victor Dorokhin argues that wealth maximization must be constrained by the moral intuitions and normative expectations inherent in human cognition.

The author expands upon the concept of moral costs, highlighting the often-overlooked ethical trade-offs in standard economic models. He assesses the foundations of legal reasoning from an interdisciplinary perspective, outlining a cognitively grounded alternative to utilitarian and contractarian frameworks in legal analysis. Drawing on insights from the Austrian school, legal philosophy, neuroscience, and a critical engagement with Richard Posner’s theory of wealth maximization, the chapters explore how institutions emerge not merely through rational design, but as responses to shared judgments about justice and legitimacy. The book also presents practical recommendations for legal policy, emphasizing the importance of aligning legal frameworks with the moral architecture of social agents.

Law, Morality and Economics is a valuable resource for scholars and students of legal economics and political economy. Providing normative guidelines and actionable policy suggestions, it is also beneficial for legal policy analysts and reformers.

Preface

Background, origins and theoretical foundations of the Chicago School of Economic Analysis of Law

Wealth maximization theory, its critique and transformation

Posner’s attitude to moral theory of law and his pragmatism

The alternative approach to maximizing social welfare

Conclusion: from law and economics to law, morality, and economics

Bibliography