James M. Buchanan Jr.

Search Dictionary

Definition of 'James M. Buchanan Jr.'

James M. Buchanan Jr. (1919-2013) was an American economist who won the Nobel Memorial Prize in Economic Sciences in 1986. He is best known for his work on public choice theory, which studies how political institutions affect economic outcomes. Buchanan argued that government is not a neutral actor, but rather an institution that has its own interests and incentives. He developed a number of tools to analyze how these interests and incentives affect public policy.

Buchanan's work has had a profound impact on the field of economics. His insights have been used to explain a wide range of economic phenomena, from the design of government institutions to the effects of taxation and regulation. Buchanan's work has also been influential in the field of public policy. His ideas have been used to justify privatization, deregulation, and other reforms that aim to reduce the size and scope of government.

Buchanan was a prolific writer and scholar. He published over 20 books and hundreds of articles. He also taught at a number of universities, including the University of Virginia, where he founded the Center for the Study of Public Choice. Buchanan's work has earned him a place among the most influential economists of the 20th century.

In addition to his work in public choice theory, Buchanan also made important contributions to the fields of constitutional economics and political economy. He argued that the constitution is an important institution that can help to limit the power of government and protect individual liberty. He also developed a theory of political economy that emphasizes the importance of individual choice and voluntary cooperation.

Buchanan's work has had a significant impact on the way we think about government and economics. His insights have helped us to understand the role of government in the economy and the importance of individual liberty. Buchanan's work will continue to be studied and debated for many years to come.

Do you have a trading or investing definition for our dictionary? Click the Create Definition link to add your own definition. You will earn 150 bonus reputation points for each definition that is accepted.

Is this definition wrong? Let us know by posting to the forum and we will correct it.