Research program in economics and constitutionalism
Constitutional economics is a research program in economics and constitutionalism that has been described as explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents". This extends beyond the definition of "the economic analysis of constitutional law" and is distinct from explaining the choices of economic and political agents within those rules, a subject of orthodox economics.[1] Instead, constitutional economics takes into account the impacts of political economic decisions as opposed to limiting its analysis to economic relationships as functions of the dynamics of distribution of marketable goods and services.
Constitutional economics was pioneered by the work of James M. Buchanan. He argued that "The political economist who seeks to offer normative advice, must, of necessity, concentrate on the process or structure within which political decisions are observed to be made. Existing constitutions, or structures or rules, are the subject of critical scrutiny."[2]
Constitutional economics has been characterized as a practical approach to apply the tools of economics to constitutional matters. For example, a major concern of every nation is the proper allocation of available national economic and financial resources. The legal solution to this problem falls within the scope of constitutional economics.[3] Another example is to study the "compatibility of effective economic decisions with the existing constitutional framework and the limitations or the favorable conditions created by that framework".[4]
^Ludwig Van den Hauwe, 2005. "Constitutional Economics II," The Elgar Companion to Law and Economics, pp. 223–24.
^James M. Buchanan, 1986. "The Constitution of Economic Policy," Nobel Prize lecture.
^Christian Kirchnez, The Principles of Subsidiary in the Treaty on European Union: A Critique from a Perspective of Constitutional Economics, 6 TUL. J.INT'L. & COMP. L. 291, 293 (1998)
^Peter Barenboim, 2001. "Constitutional Economics and the Bank of Russia," Fordham Journal of Corporate and Financial Law, 7(1), p. 160. Archived 2011-07-19 at the Wayback Machine
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