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P ublic choice theory is a branch of economics that developed from the study of taxation and public spending. It emerged in the fifties and received widespread public attention in 1986, when James Buchanan, one of its two leading architects (the other was his colleague Gordon Tullock), was awarded the Nobel Prize in economics.
We find that Buchanan’s work reflects the influence of distinctively anti-racist contributions by economists like Frank H. Knight and W.H. Hutt—the latter of whom explicitly used Buchanan and Tullock’s The Calculus of Consent9 to explain the South African color bar during his own residency at the University of Virginia from 1965 to 1967.10 We document how formative public choice work ...
16 de fev. de 2019 · James Buchanan (1979, p. 184) says, “In a summary definition, public choice is the analysis of political decision-making with the tools and methods of economics.” When Buchanan won the Nobel Prize in economics in 1986, the Nobel committee cited “his development of the contractual and constitutional bases for the theory of economic and political decision-making.”
Public choice theory demonstrates why looking to government to fix things can often lead to more harm than good, as one of its leading architects and Nobel laureate James M. Buchanan explains. Public choice should be understood as a research programme rather than a discipline or even a sub-discipline of economics.
James M. Buchanan, winner of the 1986 Nobel Prize in Economic Science, developed a program that changed the way economists analyze economic and political decision-making. He examined how politicians' self-interest and noneconomic forces affect government economic policy. "Public choice is summarized as the extension and application of the tools ...
About this book. In 1962, economists James M. Buchanan and Gordon Tullock published The Calculus of Consent, in which they developed the principles of public choice theory. In the fifty years since its publication, the book has defined the field and set the standard for research and analysis. To celebrate a half-century of scholarship in public ...
The Center serves as the institutional home for the Public Choice Research Program, which has developed and matured over the past half-century. Created in 1957 at the University of Virginia, the Center was initially called the Thomas Jefferson Center for Studies in Political Economy. In 1969, the Center was reconstituted at Virginia Tech under ...
