Published in the Financial Post (www.nationalpost.com), January 10, 2013 [Note that the copy editor mistakenly removed the quote marks around “politics without romance,” which is an Buchanan’s expression.]
If one expression can capture the work of James Buchanan, who died yesterday aged 93, it is “politics without romance.” His approach generated a whole school of economic analysis called “Public Choice.” Closely associated to Buchanan were Gordon Tullock, Richard Wagner, Geoffrey Brennan, and other economists working mainly at the Virginia Polytechnic Institute and, later, George Mason University.
For his work in this field, Buchanan won the 1986 Nobel Prize in Economic Sciences.
Buchanan’s starting point was so simple enough that it now seems rather obvious. Continue reading