“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.”

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

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Economics is the study of the whole system of exchange relationships. Politics is the study of the whole system of coer…" by James M. Buchanan?
James M. Buchanan photo
James M. Buchanan 5
American economist 1919–2013

Related quotes

Fritjof Capra photo
Fritjof Capra photo
Joseph Nye photo

“The international system consists not only of states. The international political system is the pattern of relationships among the states.”

Joseph Nye (1937) American political scientist

Source: Understanding International Conflicts: An Introduction to Theory and History (6th ed., 2006), Chapter 2, Origins of the Great Twentieth Century Conflicts, p. 34.

“Every system that has existed emerged somehow, from somewhere, at some point. Complexity science emphasizes the study of how systems evolve through their disorganized parts into an organized whole.”

L. K. Samuels (1951) American writer

Source: In Defense of Chaos: The Chaology of Politics, Economics and Human Action, (2013), p. 118

Peter Kropotkin photo

“Not only has a coercive system contributed and powerfully aided to create all the present economical, political and social evils, but it has given proof of its absolute impotence to raise the moral level of societies; it has not been even able to maintain it at the level it had already reached.”

Peter Kropotkin (1842–1921) Russian zoologist, evolutionary theorist, philosopher, scientist, revolutionary, economist, activist, geogr…

Anarchism: Its Philosophy and Ideal (1896)
Context: Not only has a coercive system contributed and powerfully aided to create all the present economical, political and social evils, but it has given proof of its absolute impotence to raise the moral level of societies; it has not been even able to maintain it at the level it had already reached. If a benevolent fairy could only reveal to our eyes all the crimes that are committed every day, every minute, in a civilized society under cover of the unknown, or the protection of law itself, — society would shudder at that terrible state of affairs.

Lionel Robbins photo

“Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.”

Lionel Robbins (1898–1984) British economist

An Essay on the nature and significance of Economic Science (1932), Chapter I: The Subject Matter of Economics
Context: The economist studies the disposal of scarce means. He is interested in the way different degrees of scarcity of different goods give rise to different ratios of valuation between them, and he is interested in the way in which changes in conditions of scarcity, whether coming from changes in ends or changes in means—from the demand side or the supply side—affect these ratios. Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.

Peter Kropotkin photo

“As he went on analyzing the coercive factors he realized their insufficiency. He consecrated a whole volume to their analysis, and the result was to lessen their importance!”

Peter Kropotkin (1842–1921) Russian zoologist, evolutionary theorist, philosopher, scientist, revolutionary, economist, activist, geogr…

Anarchism: Its Philosophy and Ideal (1896)
Context: Once a German jurist of great renown, Ihering, wanted to sum up the scientific work of his life and write a treatise, in which he proposed to analyze the factors that preserve social life in society. "Purpose in Law" (Der Zweck im Rechte), such is the title of that book, which enjoys a well-deserved reputation.
He made an elaborate plan of his treatise, and, with much erudition, discussed both coercive factors which are used to maintain society: wagedom and the different forms of coercion which are sanctioned by law. At the end of his work he reserved two paragraphs only to mention the two non-coercive factors — the feeling of duty and the feeling of mutual sympathy — to which he attached little importance, as might be expected from a writer in law.
But what happened? As he went on analyzing the coercive factors he realized their insufficiency. He consecrated a whole volume to their analysis, and the result was to lessen their importance! When he began the last two paragraphs, when he began to reflect upon the non-coercive factors of society, he perceived, on the contrary, their immense, outweighing importance; and instead of two paragraphs, he found himself obliged to write a second volume, twice as large as the first, on these two factors: voluntary restraint and mutual help; and yet, he analyzed but an infinitesimal part of these latter — those which result from personal sympathy — and hardly touched free agreement, which results from social institutions.

Ervin László photo

Related topics