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Calabresi’s invite: bridging Law & Society and Law & Economics through “situated valuation”

Published online by Cambridge University Press:  18 November 2024

Riaz Tejani Open the ORCID record for Riaz Tejani [Opens in a new window]
Riaz Tejani*
Affiliation:
School of Business and Society, University of Redlands, Redlands, CA, USA
*
Email: riaz_tejani@redlands.edu
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Abstract

Law & Society scholars often dismiss Law & Economics (L&E) as insoluble with our core beliefs about distributive justice, culture, and social solidarity. This reaction has yielded missed opportunities for new theory emergent between the fields. One such opportunity came in 1978, when Guido Calabresi and Philip Bobbitt argued that societies make “tragic choices” about scarce resource allocations so as to reconcile such choices with core culture, ethics, and values. In Calabresi’s later words, their book was a “more or less explicit appeal to anthropology for help.”1 Today, sociolegal studies remain well-poised to answer this appeal. Taking theory about moral costs from Calabresi in L&E and adding anthropological thought on the meaning of “value,” this essay presents situated valuation – a contextualized notion of value that accounts for the moral costs of inequalities while supporting principled scrutiny of redistributive policies meant to reduce inequality but sometimes worsening it. This discussion highlights the importance of interpretive social science in the study of distributive inequality, while showcasing a neglected but generative link between mutually imbricated interdisciplinary communities.

Keywords

Law & Economicsvaluemarketsinequalitymoralsanthropologylanguagesocial context
Type
Article
Information
Law & Society Review , Volume 58 , Issue 4 , December 2024 , pp. 635 - 662
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© The Author(s), 2024. Published by Cambridge University Press on behalf of Law and Society Association.

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Footnotes

1.

Calabresi (2016). The Future of Law and Economics, p. 6.

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