Economics Dictionary of Arguments

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Contracts: Contracts are legally enforceable agreements between two or more parties that create mutual obligations. It is a promise to do or not do something. The terms of a contract must be agreed upon by both parties. See also Contract theory.
Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments.

Author Concept Summary/Quotes Sources

James M. Buchanan on Contracts - Dictionary of Arguments

Brocker I 568
Contracts/Constitution/Buchanan: Buchanan distinguishes between pre-constitutional and post-constitutional contracts: First of all, concluding a contract leads to a temporary stabilisation of natural inequality or to cost reduction through "disarmament" on all sides. (See Inequality/Buchanan
, Law/Buchanan).
Since this situation still tends to be unstable, the state is needed as guarantor of order or as an arbitrator.
Post-Constitutional Contract: establishes a constitutional framework for a society that knows public goods as well as private ones. Unlike private goods, public goods are not divisible.
Public goods: here there is the free rider problem: because of their publicity, the goods can also be used by those who do not pay for them. (See Social Goods).

Wolfgang Kersting, „James M. Buchanan, Die Grenzen der Freiheit“ in: Manfred Brocker (Hg.) Geschichte des politischen Denkens. Das 20. Jahrhundert. Frankfurt/M. 2018

Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments
The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

EconBuchan I
James M. Buchanan
Politics as Public Choice Carmel, IN 2000

Brocker I
Manfred Brocker
Geschichte des politischen Denkens. Das 20. Jahrhundert Frankfurt/M. 2018

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