James M. Buchanan Jr.
James M. Buchanan Jr. was an American economist who earned the Nobel Prize in economics in 1986 for his contribution to public decision theory, which utilizes economics to examine the behavior of citizens and public authorities.
He is the writer of several books, including What Should Economists Do?, The Limits of Liberty, and The Calculus of Consent with Gordon Tullock.
James M. Buchanan Jr. passed on Jan. 9, 2013.
Early Life and Education
James M. Buchanan Jr. was conceived Oct. 3, 1919, in Murfreesboro, Tenn. He earned a four year certification at Middle Tennessee State College in 1940 and a Ph.D. from the University of Chicago in 1948.
From 1956 to 1968, Buchanan filled in as a teacher at the University of Virginia, where he established the Thomas Jefferson Center for Studies in Political Economy. He educated at UCLA and Virginia Tech from 1968 to 1983 before moving to George Mason University, where he retired with emeritus status.
Public Choice Theory
In 1962, alongside individual economist Gordon Tullock, James M. Buchanan Jr. composed The Calculus of Consent, which presents the fundamental principles of public decision theory. The book is viewed as a reference to the discipline of public decision in political science and economics.
The public decision theory applies economics to political direction and challenges the conventional convictions that legislators act to the greatest advantage of their constituents. It assesses how incentives and personal gain shape lawmakers' decisions. Buchanan's experiences into human nature and political results give a comprehension of the advantages that spur political actors and consider more accurate expectations of political decisions.In 1986, Buchanan was granted the Nobel Prize in economics for "his development of the contractual and constitutional bases for the theory of economic and political direction."
The Center for Public Choice at George Mason University expands on the earth shattering economic and political science speculations for which Buchanan was granted the Nobel Prize. As a research program, public decision stretches out the instruments of economics to break down the behavior of citizens, competitors, lawmakers, civil servants, and judges. Made 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 moved to Virginia Tech and, in 1983, to George Mason University, where it works today.
The Bottom Line
James M. Buchanan Jr. spearheaded the economic theory of public decision and tested the thought that legislators act exclusively for their constituents and presumed that self-interest and incentives are many times inspirations for civil workers and chose authorities.
- Buchanan's work in economics laid out the Center for Study of Public Choice at George Mason University,
- He developed the public decision theory with individual economist, Gordon Tullock.
- James M. Buchanan Jr. received the Nobel Prize in economics in 1986.
What Is the Difference Between Public Choice Theory and Social Choice Theory?
Public decision theory is closely connected with [social decision theory](/social-decision theory). Both of these ways of thinking are classified under the study of public economics. In any case, the social decision theory is a mathematical approach to the combined factors of individual interests, remembered for public decision theory, and what those interests mean for elector behavior.
What Leadership Positions Did James M. Buchanan Jr. Hold?
Buchanan filled in as a member of the Board of Advisors of the Independent Institute, a member and former leader of the Mont Pelerin Society, and a Distinguished Senior Fellow of the Cato Institute.
What Areas of Economics Influenced James M. Buchanan Jr.?
Buchanan investigated several different economic ways of thinking, including libertarianism and free-market thinking.