Cornerstone Of Economic Analysis Of Law: Posner's Wealth Maximization Theory

Since the 1970s, Posner published his book "Economic Analysis of Law", the economic analysis has played an increasing role in the law. It opened a new prospect in the thinking of the law, and provided some new ideas for the research of the law. But the issues on the economic analysis of the law grow in intensity, especially on the wealth maximum theory which put forward by Posner. Then, we re-examine Posner's wealth maximum theory will be greatly helpful to comprehend the economic analysis of the law.Posner's wealth maximization theory carries the value of economic analysis of law laid the basis for economic analysis of law, many scholars have focused research and made many contributions. After these years of hard specializes scholars made a lot of research, but there are still many research issues related to disputes and inadequate, especially for wealth maximization theory of Posner's comments, different scholars give diametrically Instead of answering, Posner's wealth maximization theory is how to implement it throughout their economic analysis of law go, they should be kind to evaluate how this theory is not always around but so far still controversy over the past continuous. As of this writing is to answer these questionsBesides the introduction and conclusion, the article is divided into four parts:The first part of this article: Posner's analysis before the limitations of the law. This is a description of the premise, it is because the previous flawed legal analysis, economic analysis of law was to be possible, Posner's theory of wealth maximization have a foothold. This section is divided into two parts, first economic analysis of law before the limitations of traditional legal analysis, introduced the existence of the traditional limitations of the three law schools, leads to the economic analysis of law. The second part view the past through the present economic analysis of law limitations, and shift to the right to the pursuit of wealth maximization theory, economic analysis of law among Posner.The second part: Posner's wealth maximization theory. This part of the theory by discussing the basis of wealth maximization, and it depicts what is the meaning of wealth maximization theory, based on the answers in this wealth maximization theory of Posner's previous law, how to overcome the limitations of economic analysis. Through such discussion, help strengthen the understanding of wealth and understanding to maximize their economic analysis of law into the importance of wealth maximization as discussed below, the specific economic analysis of law as the cornerstone laying the groundwork.In the third part: the wealth maximization theory: the cornerstone of economic analysis of law. This section revolves around the importance of maximizing the wealth to start. Economic analysis of law through discussion of how to start around the wealth maximization theory, and understand the wealth maximization theory in the legal status of economic analysis, but also the results achieved through its wealth maximization theory shows how the law contribute to economic analysis.Part IV of this article: Criticism of wealth maximization theory criticism and defense. Wealth maximization theory was widely criticized by many people questioned. Responded to this part of the three aspects. First is the simple wealth maximization theory generally respond to criticism, then focus on wealth maximization and utilitarianism answers the difference between, and analyzes the similarities and differences between Posner and Coase. Through the above analysis to further understand the wealth maximization theory, to draw the links with some of the labels for the defense of wealth maximization theory in the end.