Libertarians From The United States

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April 10, 2026

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"1. He developed the “theory of clubs,” which sets out the conditions under which private associations supply excludable public goods at optimum levels. 2. For his time he had the best and most rigorous analysis of the incidence of public debt. 3. With Gordon Tullock he pioneered the economic analysis of voting rules in terms of transactions costs and external costs imposed on others. Any current blogosphere discussion of say the filibuster will rely on this approach, though we now take it so for granted we don’t realize how impressive it was at the time. 4. He had pioneering economic analyses of bicameralism, logrolling, and other aspects of legislatures, again with Tullock. 5. Along with Harsanyi, he formulated aspects of the “original position” before Rawls did and he was a major influence on Rawls. By the way, I have seen Buchanan numerous times with top professional philosophers, and he has no problem holding his own or better. 6. He helped pin down, including on the technical side, the economic concept of externality. 7. He provided the most important revision to optimal tax theory since Ramsey, namely the point that supposedly efficient methods of taxation can be too easy to use. That was in The Power to Tax, with Brennan. His piece on static vs. dynamic versions of the Laffer curve, with Dwight Lee, is also significant. 8. He provided a public choice analysis of why Keynesian economics would not lead to the appropriate budget surpluses during good times and thus would contain dangerous ratchet effects toward excess deficits. 9. He thought through the conflict between subjective and objective notions of value in economics, and the importance of methodologically individualist postulates, more deeply than perhaps any other economist. Most economists hate this work, or refuse to understand it, either because it lowers their status or because it is genuinely difficult to follow or because it requires philosophy. Yet it stands among Buchanan’s greatest contributions even if a) I do not myself agree with his approach, and b) I do not think it is easily summarized or even well-explained. Buchanan took Knight and Shackle very seriously and he understood that the typical pragmatic dismissal of their caveats was not in fact well-founded. 10. His Hayekian work on “order defined only through the process of emergence” and “economics as a science of exchange and catallactics” is a very important take-down of the scientific pretensions of much of economics. It doubted whether the notion of efficiency could be independently conceptualized at all. Again, this work is disliked or ignored. Buchanan may be going too far, but it is a very important and neglected perspective. 11. He thought more consistently in terms of “rules of the games” than perhaps any other economist. This point remains underappreciated and underapplied. It makes technocracy out to be a fundamentally different endeavor. 12. He did important work in the history of economic thought, reviving interest in the Italian school of public finance and public choice. 13. His late papers with Yoon on the work ethic, increasing returns, and economic growth remain underappreciated. I also admire his work with Yoon on the anti-commons."

- James M. Buchanan

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"In the matter of his offense and sentence, obviously petitioner was more sinned against than sinning. It is clear that he was in the hands of one of those too common mobs, bent upon vindicating its peculiar standard of patriotism and its odd concept of respect for the flag by compelling him to kiss the latter—a spectacle for the pity as well as the laughter of gods and men! Its unlawful and disorderly conduct, not his just resistance, nor the trivial and innocuous retort into which they goaded him, was calculated to degrade the sacred banner and to bring it into contempt. Its members, not he, should have been punished.Patriotism is the cement that binds the foundation and the superstructure of the state. The safety of the latter depends upon the integrity of the former. Like religion, patriotism is a virtue so indispensable and exalted, its excesses pass with little censure. But when, as here, it descends to fanaticism, it is of the reprehensible quality of the religion that incited the massacre of St. Bartholomew, the tortures of the Inquisition, the fires of Smithfield, the scaffolds of Salem, and is equally cruel and murderous. In its name, as in that of Liberty, what crimes have been committed! In every age it, too, furnishes its heresy hunters and its witch burners, and it, too, is a favorite mask for hypocrisy, assuming a virtue which it haveth not. So the mobs mentioned were generally the chosen and the last resort of the slacker, military and civil, the profiteer, and the enemy sympathizer, masquerading as superpatriots to divert attention from their real character. Incidentally, it is deserving of mention here that in the records of this court is a report of its grand jury that before it attempts had been made to prostitute the federal Espionage Law to wreak private vengeance and to work private ends.As for the horrifying sentence itself, it is of those criticized by Mr. Justice Holmes in Abrams' Case, 250 U. S. 616, 40 Sup. Ct. 17, 63 L. Ed. 1173, in that, if it be conceded trial and conviction are warranted, so frivolous is the charge that a nominal fine would serve every end of justice. And it, with too many like, goes far to give color, if not justification, to the bitter comment of George Bernard Shaw, satirist and cynic, that during the war the courts in France, bleeding under German guns, were very severe; the courts in England, hearing but echoes of those guns, were grossly unjust; but the courts of the United States, knowing naught save censored news of those guns, were stark, staring, raving mad. All this, however, cannot affect habeas corpus. It can appeal to the pardoning power alone.The state law is valid, petitioner's imprisonment is not, repugnant to the federal Constitution, this court cannot relieve him, and the writ is denied."

- Earnest V. Starr

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