Buchanan’s Contractual Theory

Question

29 Aug 2022

Answer :

Word Count : 352

Buchanan has developed a realistic contract theory that is consistently characterized by an economic reasoning and only accepts principles and institutions if they can only be traced back to the contractual harmony of subjective preferences. (see Kersting 2010) (3).
Problem/Kersting: a contract is in a way a thought experiment, which cannot be understood by all concerned equally. Here there are arguments based on interests or situations (so-called "wisdom arguments").
Solution/Buchanan: his contract theory frees the economism of the contract content argument from the contractual moral bracketing and _____ ______ ____ ________ _____.
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