"Buchanan’s work changed political economy in fundamental ways. Thanks to him and his colleagues, three things are true: No one who wishes to talk responsibly about politics can be ignorant of public choice theory. No one should ever invoke the language of market failure (including externalities) without having digested his work on government failure. And people who run around talking about the constitution better be able to understand something of his contributions to constitutional political economy."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Nobel laureates from the United StatesLibertarians from the United StatesEconomists from the United StatesNobel laureates in EconomicsPeople from Tennessee
Original Language: English
Available Languages (1)
Sources
Steve Horwitz, “RIP: James M. Buchanan (1919 – 2013)” (2013)
https://en.wikiquote.org/wiki/James_M._Buchanan
Revision History
No revisions have been submitted for this quote.
Categories
James M. Buchanan
James McGill Buchanan, Jr. (3 October 1919 – 9 January 2013) was an American economist known for his work on public choice theory, who was awarded the 1986 Nobel Prize in Economics.
14 quotes on TrueQuotesView all quotes by James M. Buchanan →
Related Quotes
"Unlike Kenneth J. Arrow or Robert M. Solow, Buchanan is not a puzzle solver, but rather a system builder, someone who…"
"The basic idea of Buchanan's constitutional economics was that public decision really comes in two stages, not one: t…"
"The basic concern of Buchanan (e.g. Buchanan, 1975) is to deny that a libertarian position requires the making of eth…"
"His great mind is now still, but he lives on in the ideas he passed on to his students, colleagues, and friends. It h…"
"A version of the old fable about the king's nakedness may be helpful here. Public choice is like the small boy who sa…"
"Economics is the study of the whole system of exchange relationships. Politics is the study of the whole system of co…"
"Individuals do not act so as to maximize utilities described in independently-existing functions. They confront genui…"
"1. He developed the “theory of clubs,” which sets out the conditions under which private associations supply excludab…"
"I see at least six James Buchanans: 1. The brilliant academic thinker behind the genius insights of Calculus of Conse…"
"In short, if Buchanan's argument was that liberal demands for an ever expanding welfare state would lead to chronic d…"