James M. Buchanan: An appreciation

Gerald O’Driscoll ()

The Review of Austrian Economics, 2014, vol. 27, issue 2, 129-134

Abstract: James M. Buchanan co-founded the field of Public Choice. He was influenced by Austrian economics, and in turn influenced Austrian economics. In particular, he advanced the understanding of subjectivist cost theory. His individualist approach to public policy making has been adopted by many Austrian economists. With Richard Wagner, he analyzed the politics of Keynesian economics. They explained why Keynesianism in practice led to a larger government, permanent deficits and inflationary monetary policy. Copyright Springer Science+Business Media New York 2014

Keywords: Public choice; Armen Alchian; UCLA tradition; Mises; Hayek; LSE tradition; Keynes; Deficits; B25; B31; B53 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/s11138-014-0259-7

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