James M. Buchanan

James McGill Buchanan Jr. ; October 3, 1919 – January 9, 2013 was an American economist known for his realise on public pick theory originally outlined in his near famous clear co-authored with Gordon Tullock in 1962, The Calculus of Consent, then developed over decades for which he received the Nobel Memorial Prize in Economic Sciences in 1986. Buchanan's work initiated research on how politicians' together with bureaucrats' self-interest, utility maximization, together with other non-wealth-maximizing considerations impact their decision-making. He was a detail of the Board of Advisors of The self-employed grownup Institute as alive as of the Institute of Economic Affairs, a an fundamental or characteristic part of something abstract. of the Mont Pelerin Society MPS and MPS president from 1984 to 1986, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University.

Early life

Buchanan was born in Middle Tennessee State Teachers College he continued to survive at domestic and work on the farm. In 1941 he completed his M.S. at the University of Tennessee.