James M. Buchanan
James M. Buchanan
This chapter describes the work of James M. Buchanan who received the Nobel Prize in 1986. Born in 1919, Buchanan received his doctorate from the University of Chicago in 1948. He was affiliated with several universities from 1948 until 1969 when he was appointed university distinguished professor at the Virginia Polytechnic Institute and State University. He was then a George Mason University emeritus professor until 2013. He was exposed to the teachings of Frank Knight, and contributed to the development of public choice theory. Public choice theory was seen as an extension of analysis on political alternatives to markets. Buchanan was considered to be a moral philosopher, constitutionalist, and economic analyst. His publications include Fiscal Theory and Political Economy, Economics: Between Predictive Science and Moral Philosophy and Explorations into Constitutional Economics.
Keywords: James M. Buchanan, Frank Knight, public choice theory, economic analyst, George Mason
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