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James M. Buchanan Quotes

James McGill Buchanan Jr. was an American economist known for his work on public choice theory originally outlined in his most famous work, The Calculus of Consent, co-authored with Gordon Tullock in 1962. He continued to develop the theory, eventually receiving the Nobel Memorial Prize in Economic Sciences in 1986. Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making. He was a member of the Board of Advisors of The Independent Institute as well as of the Institute of Economic Affairs, a member of the Mont Pelerin Society and MPS president from 1984 to 1986, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University. Wikipedia  

✵ 3. October 1919 – 9. January 2013
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James M. Buchanan: 5 quotes0 likes

Famous James M. Buchanan Quotes

“Economics is the study of the whole system of exchange relationships. Politics is the study of the whole system of coercive or potentially coercive relationships.”

James M. Buchanan

Source: In What Should Economists Do? (1979), p. 34

“The hard core in public choice can be summarized in three presuppositions: (1) methodological individualism, (2) rational choice, and (3) politics-as-exchange.”

James M. Buchanan

Public Choice: The Origins and Development of a Research Program (2003)

“I did not call him "Fritz." To me he remained always "Professor Hayek," despite his own graciousness in treating me as a peer. I shall not attempt to evaluate Professor Hayek's monumental contribution to our understanding of the events of this turbulent century, to the influence of his ideas on these events themselves or even to the development of economic theory in a strictly scientific sense.”

James M. Buchanan

"I did not call him “Fritz”: Personal recollections of Professor F. A. v. Hayek." Constitutional Political Economy 3.2 (1992): 129-135.

“A version of the old fable about the king's nakedness may be helpful here. Public choice is like the small boy who said that the king really has no clothes. Once he said this, everyone recognized that the king's nakedness had been recognized, but that no-one had really called attention to this fact.”

James M. Buchanan

Public Choice: The Origins and Development of a Research Program (2003)

“Well, we haven’t learnt yet to live together peacefully… But I don’t know what progress really means. Anyway, I think we need to have faith in the fact that there is more out there to be explained. Even the paradigms that we now have, including subjective value theory, for example, are only provisional. Some physicist might believe that ultimately, we will be able to explain everything. To me, that is utterly stupid, just like saying that an atheist is equally dogmatic as a Texas Baptist. It seems to me that, if you accept evolution, you can still not expect your dog to get up and start talking German. And that’s because your dog is not genetically programmed to do that. We are human animals, and we are equally bound. There are whole realms of discourse out there that we cannot reach, by definition. There are always going to be limits beyond which we cannot go. Knowing that they are there, you can always hope to move a little closer – but that’s all.”

James M. Buchanan

Source: Karen Ilse Horn (ed.) Roads to Wisdom, Conversations With Ten Nobel Laureates in Economics (2009)

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