James M. Buchanan facts for kids
Quick facts for kids
James M. Buchanan
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Buchanan in September 2010
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| Born |
James McGill Buchanan Jr.
October 3, 1919 Murfreesboro, Tennessee, U.S.
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| Died | January 9, 2013 (aged 93) Blacksburg, Virginia, U.S.
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| Institution | George Mason University Virginia Tech University of Virginia |
| Field | Public choice theory Constitutional economics Austrian economics |
| School or tradition |
Virginia School |
| Alma mater | Middle Tennessee State University (BS) University of Tennessee (MS) University of Chicago (PhD) |
| Influences | Thomas Hobbes Frank Knight Knut Wicksell Gordon Tullock Friedrich Hayek Ludwig von Mises |
| Contributions | Public choice theory Logrolling Benefit principle Club good Samaritan's dilemma |
| Awards | Nobel Memorial Prize in Economic Sciences (1986) |
| Information at IDEAS / RePEc | |
James McGill Buchanan Jr. (born October 3, 1919 – died January 9, 2013) was an American economist. He is famous for his ideas on public choice theory. This theory looks at how politicians and government workers make decisions. It suggests they often act based on their own self-interest, not just for the public good.
Buchanan first wrote about public choice theory in his 1962 book, The Calculus of Consent, which he wrote with Gordon Tullock. He continued to develop these ideas for many years. In 1986, he won the Nobel Memorial Prize in Economic Sciences for his important work. Buchanan was also a professor at George Mason University and a member of several important economic groups.
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Early Life and Education
James Buchanan was born in Murfreesboro, Tennessee. He was the oldest of three children in a family with Scotch-Irish roots. His family lived on a farm, which he described as "genteel poverty." This meant they were poor but still had a good family life. He worked on the farm, but his mother always made sure he went to school.
He earned his first degree from Middle Tennessee State College in 1940. Then, he got his master's degree from the University of Tennessee in 1941. After serving in the military, he went on to earn his PhD from the University of Chicago in 1948.
Serving in World War II
Buchanan joined the United States Navy in 1941. He served as an officer in Pearl Harbor, Hawaii, starting in 1942. He worked on Admiral Chester W. Nimitz's operations planning team during the war. He left the Navy in November 1945.
Learning at the University of Chicago
When Buchanan started his studies at the University of Chicago in 1945, he was like many other students. He leaned towards socialist ideas. But this changed after he took a class with Professor Frank Knight. Knight taught him to believe strongly in free markets.
Buchanan was also influenced by Swedish economist Knut Wicksell. He even translated one of Wicksell's important essays. Buchanan became a member of the Mont Pelerin Society, a group of economists who believed in free markets. He was even its president from 1984 to 1986.
Academic Career and Centers
After finishing his PhD, Buchanan taught at several universities. He was a professor at the University of Tennessee and Florida State University. He also taught at UCLA and Virginia Tech.
In 1988, he started teaching at George Mason University (GMU). He stayed there until he retired.
Thomas Jefferson Center (1957)
In 1956, Buchanan helped create the Thomas Jefferson Center at the University of Virginia. This center aimed to study how society works, focusing on individual freedom.
Buchanan believed that everyone should have access to education. He supported public education but was against the government having a complete monopoly on it. He thought parents should have choices in how their children are educated. Later in his life, he worried that school voucher systems, if not set up carefully, could lead to schools being separated by race or social class.
Virginia School of Political Economy
Buchanan helped start the Virginia school of political economy at the University of Virginia. This group of economists studied how politics and economics are connected. They believed in free markets and individual liberty.
Center for the Study of Public Choice (1969)
In 1969, Buchanan, along with Gordon Tullock, founded the Center for the Study of Public Choice. This center focused on how people make decisions outside of private markets, especially in government.
In 1983, Buchanan and Tullock moved the center to George Mason University. This move helped GMU grow into a large and respected public university. Buchanan and Tullock were seen as leaders in a new way of thinking about economics, focusing on public choice theory and free markets.
Key Ideas and Contributions
Buchanan's work explored big questions about how governments make decisions and how those decisions affect people.
Public Choice Theory Explained
Buchanan is known as the main person behind public choice theory. This theory uses ideas from economics to understand how politicians, government workers, and voters behave. It suggests that people in government, just like people in a market, are often guided by their own self-interest.
For example, politicians might promise new programs that benefit voters. They might pay for these programs by borrowing money instead of raising taxes. This helps them get re-elected. Buchanan called this "politics without romance." He meant that we should be realistic about why political decisions are made, not just think they are always for the common good.
Buchanan believed that understanding self-interest helps predict how politicians and voters will act. He argued that governments might grow too big or spend too much unless there are clear rules in place.
Constitutional Economics
Another important idea from Buchanan is constitutional economics. This field looks at how the rules of a country (its constitution) affect economic decisions. Buchanan believed that a good constitution should balance the interests of the government, society, and individuals.
He thought that the rules of the game (the constitution) are more important than the specific decisions made within those rules. He argued that a constitution should be designed to last for many generations. It should also protect individual freedom and limit the power of the government.
Awards and Legacy
- 1986: Won the Nobel Memorial Prize in Economic Sciences for his work on how economic and political decisions are made.
- 2006: Received the National Humanities Medal for his contributions to understanding the humanities.
Buchanan's ideas continue to influence how people think about law, ethics, political science, and economics today. His work helps us understand why governments make the choices they do and how we can create better rules for society.
Personal Life
James Buchanan met Anne Bakke, a nurse, while he was stationed in Hawaii during World War II. They married in 1945. Anne passed away in 2005. They did not have any children.
Buchanan was known for being a private person. He and his wife spent much of their time on their 400-acre farm in Virginia. They enjoyed gardening and raising cattle. He died at his farm on January 9, 2013, at the age of 93.
His work had a big impact on conservative thinking about government spending, taxes, and the size of government.
Selected Publications
- Politics of Bureaucracy (foreword by James M. Buchanan), 1965
- Democracy in Deficit (with Richard E. Wagner), 1977
- Freedom in Constitutional Contract, 1978
- The Power to Tax (with Geoffrey Brennan), 1980
- The Reason of Rules (with Geoffrey Brennan), 1985
- Liberty, Market and State, 1985
- Why I, Too, Am Not a Conservative: The Normative Vision of Classical Liberalism, 2005
Images for kids
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Buchanan in September 2010
See also
