James McGill Buchanan Jr. (October 3, 1919 – January 9, 2013) was an American [economist](https://doctorparadox.net/category/economics/) known for his work on public choice theory, for which he received the Nobel Memorial Prize in Economic Sciences in 1986. His contributions to the field of economics extended beyond his own research, as he was also an influential teacher and mentor to many young economists. Born in Murfreesboro, Tennessee, Buchanan grew up in a rural environment during [[The Great Depression]], which played a significant role in shaping his views on economics and politics. He earned his B.A. from Middle Tennessee State University in 1940, an M.S. from the University of Tennessee in 1941, and a Ph.D. in economics from the University of Chicago in 1948. He was heavily influenced by the Chicago school of economics, particularly the works of Frank Knight and [[Ludwig von Mises]]. ## Career Buchanan's career included academic appointments at several universities, including the University of Virginia, where he was a founding member of the [[Thomas Jefferson]] Center for Studies in Political Economy. He also held positions at Florida State University, the University of California, Los Angeles, and Virginia Tech. In 1983, he co-founded the Center for Study of Public Choice at George Mason University, where he spent the latter part of his career. ## Public Choice Theory Buchanan's most important contributions to economics are in the field of public choice theory, which applies economic analysis to the study of political decision-making. He was interested in understanding the behavior of politicians and bureaucrats, and the incentives that drive them. Buchanan's work in this area helped to bridge the gap between economics and political science, demonstrating how the principles of self-interest and rational choice could be used to understand political processes. Some of his most notable works include "The Calculus of Consent" (1962), co-authored with Gordon Tullock, and "The Limits of Liberty: Between Anarchy and Leviathan" (1975). In these works, Buchanan explored the role of individual decision-making within the context of collective action, and the trade-offs between individual liberty and social order. Buchanan's Nobel Prize in 1986 recognized his "development of the contractual and [[constitution]]al bases for the theory of economic and political decision-making." His work has been particularly influential in understanding the complex interactions between economic and political systems, as well as the role of constitutional rules in shaping these interactions. Throughout his career, Buchanan was known for his strong defense of classical [liberal](https://doctorparadox.net/dictionaries/authoritarianism/liberalism/) values, advocating for limited government, free markets, and individual liberty. Despite facing some criticism for his ideas, particularly from those who disagreed with his views on public goods and market failures, Buchanan's work has had a lasting impact on the fields of economics and political science.