James M. Buchanan: Through an Austrian window

Mario Rizzo ()

The Review of Austrian Economics, 2014, vol. 27, issue 2, 135-145

Abstract: This tribute to the late James Buchanan is an elaboration of themes he developed on the importance of processes in real, experienced time, especially for individual choice. The conventional way of modeling choice is to think of it as the solution to a constrained maximization problem. If, however, we look at choice as a process in time it is inseparable from the evolution and self-development of the individual. Preferences emerge in the process of their becoming. The fundamental characteristic of choice is thus the expression of autonomy and not the satisfaction of given preferences. The implications of this for normative economics are explored. Copyright Springer Science+Business Media New York 2014

Keywords: Choice; Utility function; Revealed preference; Preference satisfaction; Autonomy; B21; B31; B41; B53 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/s11138-014-0260-1

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