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James M. Buchanan Jr.

Definition

James McGill Buchanan Jr. was an American economist known for his work on public choice theory, for which he received the Nobel Memorial Prize in Economic Sciences in 1986. Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making. He was a member of the Board of Advisors of The Independent Institute, a member of the Mont Pelerin Society, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University.

What is 'James M. Buchanan Jr.'

An American economist and winner of the 1986 Nobel Memorial Prize in Economics for his contributions to public choice theory. Born in Tennessee in 1919, Buchanan Jr. earned his Ph.D. from the University of Chicago and has taught at Virginia Polytechnic Institute and George Mason University. Along with fellow economist Gordon Tullock, he wrote the famous book "The Calculus of Consent".

Explaining 'James M. Buchanan Jr.'

Public choice economics applies economics to political decision making. For example, public choice theory defies the conventional wisdom that politicians act in the best interests of their constituents and instead analyzes how incentives shape politicians' choices to act in their own self-interest.


Further Reading


James M. Buchanan and the political economy of desegregation
onlinelibrary.wiley.com [PDF]
That economics can usefully explain politics is no longer a novel idea, it is a well-established fact brought about by the work of many public choice scholars. This book, which is a sequel to a similar volume published in 1972, brings together a fresh collection of recent …

A Smithean perspective on increasing returnsA Smithean perspective on increasing returns
www.tandfonline.com [PDF]
That economics can usefully explain politics is no longer a novel idea, it is a well-established fact brought about by the work of many public choice scholars. This book, which is a sequel to a similar volume published in 1972, brings together a fresh collection of recent …

The contributions of James M. Buchanan to public finance and political economyThe contributions of James M. Buchanan to public finance and political economy
journals.sagepub.com [PDF]
That economics can usefully explain politics is no longer a novel idea, it is a well-established fact brought about by the work of many public choice scholars. This book, which is a sequel to a similar volume published in 1972, brings together a fresh collection of recent …

In celebration of Armen Alchian's 80th birthday: Living and breathing economicsIn celebration of Armen Alchian's 80th birthday: Living and breathing economics
onlinelibrary.wiley.com [PDF]
That economics can usefully explain politics is no longer a novel idea, it is a well-established fact brought about by the work of many public choice scholars. This book, which is a sequel to a similar volume published in 1972, brings together a fresh collection of recent …

The ethical limits of taxationThe ethical limits of taxation
link.springer.com [PDF]
That economics can usefully explain politics is no longer a novel idea, it is a well-established fact brought about by the work of many public choice scholars. This book, which is a sequel to a similar volume published in 1972, brings together a fresh collection of recent …



Q&A About James M. Buchanan Jr.


What does the term "constitutional economics" refer to?

Constitutional economics refers to a new school of political economy that Buchanan founded in the second half of 20th century.

What is James M. Buchanan Jr.?

An American economist and winner of the 1986 Nobel Memorial Prize in Economics for his contributions to public choice theory.

Where was James M. Buchanan Jr. born?

Born in Tennessee in 1919.

What is James M. Buchanan Jr. known for?

He is known for his public choice theory.

Where did he earn his PhD from?

State Teachers College, Murfreesboro (not yet started)

How does public choice economics apply economics to political decision making?

Public choice theory defies the conventional wisdom that politicians act in the best interests of their constituents and instead analyzes how incentives shape politicians' choices to act in their own self-interest."

Who did Buchanan study under at the University of Chicago and at the University of Tennessee?

At both universities he studied under Frank Hyneman Knight and Jacob Viner respectively.

What did James M. Buchanan Jr. earn a Ph.D from?

Earned his Ph.D from the University of Chicago and has taught at Virginia Polytechnic Institute and George Mason University since 1956, where he is currently a professor emeritus of economics."

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