Toward a Liberal Analysis of the Law

This paper looks to explore the effects of James Buchanan's book Cost and Choice since its publication. I discuss how Cost and Choice has had a limited impact on the treatment of welfare economics within Law & Economics. I then elaborate on Buchanan's discussion to highlight other issues within the field and how they provide some insight into Buchanan's conception of the rule of law. This paper also discusses some implications for Law & Economics analysis moving forward.