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James M. Buchanan Quote

In 1987, the United States celebrates the bicentennial anniversary of the constitutional convention that provided the basic rules for the American political order. This convention was one of the very few historical examples in which political rules were deliberately chosen.

James M. Buchanan

In 1987, the United States celebrates the bicentennial anniversary of the constitutional convention that provided the basic rules for the American political order. This convention was one of the very few historical examples in which political rules were deliberately chosen.

Tags: american, rules, political

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About James M. Buchanan

James McGill Buchanan Jr. (; October 3, 1919 – January 9, 2013) was an American economist known for his work on public choice theory originally outlined in his most famous work, The Calculus of Consent, co-authored with Gordon Tullock in 1962. He continued to develop the theory, eventually receiving 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 as well as of the Institute of Economic Affairs, a member of the Mont Pelerin Society (MPS) and MPS president from 1984 to 1986, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University.