James M. Buchanan

Date of Birth: October 3, 1919

Zodiac Sign: Libra

Date of Death: January 9, 2013

Biography

James McGill Buchanan Jr. was an influential American economist known for his work on public choice theory, which applies economic principles to political decision-making. He was born on October 3, 1919, in Murfreesboro, Tennessee. Buchanan earned his bachelor’s degree from Middle Tennessee State Teachers College in 1940, followed by a master’s degree from the University of Tennessee in 1941. He then served in the U.S. Navy during World War II before completing his Ph.D. in economics at the University of Chicago in 1948. Buchanan held academic positions at several universities, including the University of Virginia, UCLA, and Virginia Tech, where he co-founded the Center for the Study of Public Choice. In 1986, he was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to public choice theory. Buchanan’s work fundamentally changed the way economists and political scientists view government decision-making processes, emphasizing the self-interest of politicians and bureaucrats. He authored numerous books and articles, including “The Calculus of Consent,” co-authored with Gordon Tullock. James M. Buchanan passed away on January 9, 2013, leaving behind a legacy that continues to influence economic and political thought.

5 Interesting Facts about James M. Buchanan

1. James M. Buchanan won the Nobel Memorial Prize in Economic Sciences in 1986.

2. He co-founded the Center for the Study of Public Choice at Virginia Tech.

3. Buchanan’s book “The Calculus of Consent,” co-authored with Gordon Tullock, is considered a foundational work in public choice theory.

4. He served in the U.S. Navy during World War II.

5. Buchanan was a Distinguished Senior Fellow of the Cato Institute, a libertarian think tank.

5 Most Interesting Quotes from James M. Buchanan

1. “Economics is the art of putting parameters on our utopias.”

2. “The relevant difference between markets and politics is not between selfishness and altruism; it is between different institutional arrangements for achieving human purposes.”

3. “Public choice is a research program that studies the decision-making behavior of voters, politicians, and government officials from the perspective of economic theory.”

4. “The most basic question is not what is best, but who shall decide what is best.”

5. “Order defined in terms of equitably shared benefits and costs is as important as order defined in terms of predictability.”

Highest Net Worth Achieved

James M. Buchanan’s highest net worth is not publicly documented, but as a Nobel laureate and a prolific author, it is assumed he had a comfortable financial standing.