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Write a short biography on James McGill Buchanan, an analysis of his economic theories, and his contributions to the welfare of society - Essay Example

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He is an educator and American economist renowned for developing the ‘public choice theory’; for which he received a Nobel Memorial Prize in Economic Sciences in 1986. Born in October 1919, he obtained his first degree from Middle Tennessee College in 1940, and as for his…
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Write a short biography on James McGill Buchanan, an analysis of his economic theories, and his contributions to the welfare of society
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Write a short biography on James McGill Buchanan, an analysis of his economic theories, and his contributions to the welfare of society

Download file to see previous pages... He was also, in 1963, at the senior most position at the Southern Economic Association; shortly after, in 1971, at the American Economic Association he served as vice president, and then for two years, 1983 and 1984, in a similar position at the Western Economic Association (“James M. Buchanan”).
Buchanan coauthored ‘The Calculus of Consent’ with Gordon Tullock as one of the products of thinking cultivated by reading a German article by Knut Wicksell, a Swedish economist(DiLorenzo 180). Wicksell was of the idea that the benefits taxpayers received should be directly linked to the taxes they pay. This implied that taxes and government spending would be agreed upon and validated, as opposed to the conventional view of the 1940s and even the current view.
The book ‘The Calculus of Consent’ revised Wicksell’s idea, and referred to it as ‘workable unanimity’, as they thought it impractical. This together with ‘The Economics of Democracy’, a book by Anthony Down, gave birth to the field of public choice. Buchanan and Tullock even went on to initiate an academic journal- Public Choice. At this time, he raised dissimilarity between two levels of public choice; the first being during the making of the constitution and the second being after the constitution has been implemented. He has attempted to convert his fellow economists to this line of thinking, where they should focus more on the first level rather than on the second level as mere political players. To push this ideology farther, he published a journal- Constitutional Economics (“James M. Buchanan”).
Buchanan also believed that welfare economics is skewed as costs are subjective. He pointed this out in an unusually ardent economics book- Costs and Choice. This was the book that he considered most essential yet to the Nobel Committee it was ‘The Calculus of Consent’. In the book, Buchanan’s aim ...Download file to see next pagesRead More
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