Wealth Maximization as a Normative Principle

  title={Wealth Maximization as a Normative Principle},
  author={Anthony Townsend Kronman},
  journal={The Journal of Legal Studies},
  pages={227 - 242}
  • A. Kronman
  • Published 1 March 1980
  • Economics
  • The Journal of Legal Studies
IN a recent article in this journal, Richard Posner attempts to clarify and defend the normative premises of his approach to the analysis of legal rules.' According to Posner, legal rules (at least those promulgated by common law courts) can best be understood as efforts, usually unconscious, to maximize wealth.2 In Posner's view, wealth maximization is an ethically attractive goal. His recent article on the subject seeks to show that wealth maximization has properties that make it preferable… 
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