James McGill Buchanan

James McGill Buchanan
(1919)

American economist and educator who received the Nobel Prize for Economics in 1986 for his development of the "public-choice theory," a unique method of analyzing economic and political decision making.
Buchanan attended Middle Tennessee State College (B.S., 1940), the University of Tennessee (M.A., 1941), and--after five years in the navy--the University of Chicago (Ph.D., 1948). He taught at a number of universities from 1950 to 1969. From 1969 to 1983 he was distinguished professor of economics at the Virginia Polytechnic Institute, and from 1983 he held that title at George Mason University in Fairfax, Va.

Buchanan wrote a number of significant books--both with others and alone--the best known of which is The Calculus of Consent: Logical Foundations of Constitutional Democracy (1962), with Gordon Tullock. In this and other books, Buchanan discussed the politician's self-interest and other social (that is, noneconomic) forces that affect governmental economic policy.

Among his other books are The Demand and Supply of Public Goods (1968); Theory of Public Choice: Political Applications of Economics (1972), ed. with Robert D. Tollison; Democracy in Deficit: The Political Legacy of Lord Keynes (1977), with Richard E. Wagner; and The Power to Tax (1980), with Geoffrey Brennan.

Buchanan also cofounded (1969) and was director of the Center for Study of Public Choice.