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James McGill Buchanan
James McGill Buchanan Jr. (; October 3, 1919 – January 9, 2013) was an American economist known for his work on public choice theory originally outlined in his most famous work co-authored with Gordon Tullock in 1962, ''The Calculus of Consent'', then developed over decades for which he received the Nobel Memorial Prize in Economic Sciences in 1986. Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making. He was a member of the Board of Advisors of The Independent Institute as well as of the Institute of Economic Affairs, a member of the Mont Pelerin Society (MPS) and MPS president from 1984 to 1986, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University. Early life Buchanan was born in Murfreesboro, Tennessee, the eldest of the three children of James and Lila (Scott) Buchanan, a family of Scotch-Irish descent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Murfreesboro, Tennessee
Murfreesboro is a city in and county seat of Rutherford County, Tennessee, United States. The population was 152,769 according to the 2020 census, up from 108,755 residents certified in 2010. Murfreesboro is located in the Nashville metropolitan area of Middle Tennessee, southeast of downtown Nashville. Serving as the state capital from 1818 to 1826, it was superseded by Nashville. Today, it is the largest suburb of Nashville and the sixth-largest city in Tennessee. The city is both the center of population and the geographic center of Tennessee. Since the 1990s, Murfreesboro has been Tennessee's fastest-growing major city and one of the fastest-growing cities in the country. Murfreesboro is home to Middle Tennessee State University, the largest undergraduate university in the state of Tennessee, with 22,729 total students as of fall 2014. History On October 27, 1811, the Tennessee General Assembly designated the location for a new county seat for Rutherford County, giv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gordon Tullock
Gordon Tullock (; February 13, 1922 – November 3, 2014) was an economist and professor of law and Economics at the George Mason University School of Law. He is best known for his work on public choice theory, the application of economic thinking to political issues. He was one of the founding figures in his field. Early life and education A native of Rockford, Illinois and graduate of Rockford Central High School, Tullock attended the University of Chicago and, after a break for military service during World War II, received a J.D. in 1947. Following a brief period in private practice, he joined the Foreign Service that fall. After completing training, he was posted to Tianjin, China, later receiving Chinese language instruction at Yale and Cornell and follow-on postings to Hong Kong and Korea. He resigned from the Foreign Service in 1956. While he originally intended to pursue a career as a foreign trader in the Far East, his work on ''The Politics of Bureaucracy'' eventuall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mont Pelerin Society
The Mont Pelerin Society (MPS) is an international organization composed of economists, philosophers, historians, intellectuals and business leaders.Michael Novak, 'The Moral Imperative of a Free Economy', in '' The 4% Solution: Unleashing the Economic Growth America Needs'', Bush Institute, Crown Business, 2012, p. 294 The members see the MPS as an effort to interpret in modern terms the fundamental principles of economic society as expressed by classical Western economists, political scientists and philosophers. Its founders included Friedrich Hayek, Frank Knight, Karl Popper, Ludwig von Mises, George Stigler and Milton Friedman. The society advocates freedom of expression, free market economic policies and the political values of an open society. Further, the society seeks to discover ways in which the private sector can replace many functions currently provided by government entities. Aims In its "Statement of Aims" on 8 April 1947, the scholars were worried about the dan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Economic Affairs
The Institute of Economic Affairs (IEA) is a right-wing pressure group and think tank registered as a UK charity Associated with the New Right, the IEA describes itself as an "educational research institute", and says that it seeks to "further the dissemination of free-market thinking", and that it does so by "analysing and expounding the role of markets in solving economic and social problems." The IEA subscribes to a neoliberal worldview and advocates positions based on this ideology. It published climate change denial material between 1994 and 2007, and has advocated total privatisation, in effect abolition, of the National Health Service (NHS), in favour of a healthcare system the IEA says is similar to Switzerland, Belgium, the Netherlands, Germany and Israel. The IEA has received more than £70,000 from the tobacco industry (although it does not reveal its funders), and IEA officers have been recorded offering " cash for access". The IEA is headquartered in Westminster, Lon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Independent Institute
The Independent Institute is an American libertarian think tank based in Oakland, California. Founded in 1986 by David J. Theroux, the institute focuses on political, social, economic, legal, environmental, and foreign policy issues. It has more than 140 research fellows. The institute was originally established in San Francisco, was re-located in 1989 to Oakland, and since 2006 has had an office in Washington, D.C. The institute is organized into seven centers addressing a range of issues. According to the ''2020 Global Go To Think Tank Index Report'' (Think Tanks and Civil Societies Program, University of Pennsylvania), the institute is ranked number 42 (of 110) in the "Top Think Tanks in the United States". Publications and programs Since 1996, the institute has published the quarterly scholarly journal ''The Independent Review'', whose founding editor and editor at large is the economist and historian Robert Higgs, and co-editors are Christopher Coyne, Michael Munger, and Ro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Calculus Of Consent
''The Calculus of Consent: Logical Foundations of Constitutional Democracy'' is a book published by economists James M. Buchanan and Gordon Tullock in 1962. It is considered to be one of the classic works from the discipline of public choice in economics and political science. This work presents the basic principles of public choice theory. Overview The analytical approach of the authors is based on ''methodological individualism'' - collective action is composed of individual actions and on the rejection of any organic interpretation of the state. A purely individualistic conception of collectivity is maintained: the state is an artifact, created by men and thus subject to change and perfection. Buchanan and Tullock maintain that only constitutional changes, which can be shown to be in the interest of all interested parties, can be judged as "improvements" and therefore consider conceptual unanimity as the only legitimate decision-making rule. The authors analyze the traditional ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Choice Theory
Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science".Gordon Tullock, 9872008, "public choice," ''The New Palgrave Dictionary of Economics''. . Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents (voters, politicians, bureaucrats) and their interactions, which can be represented in a number of ways – using (for example) standard constrained utility maximization, game theory, or decision theory. It is the origin and intellectual foundation of contemporary work in political economy.Alberto Alesina, Torsten Persson, Guido Tabellini, 2006. “Reply to Blankart and Koester's Political Economics versus Public Choice Two Views of Political Economy in Competition,” Kyklos, 59(2), pp. 201–208 In popular use, "public choice" is often used as a shorthand for components of modern public choice theory that fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophy, philosophical theory, theories to the focused study of minutiae within specific Market (economics), markets, macroeconomics, macroeconomic analysis, microeconomics, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, Computational economics, economics computational models, financial economics, mathematical finance and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Memorial Prize In Economic Sciences
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes which were established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics. The winners of the Nobel Memorial Prize in Economic Sciences are chosen in a similar way, are announced along with the Nobel Prize recipients, and the prize is presented at the Nobel Prize Award Ceremony. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Samaritan's Dilemma
The Samaritan's dilemma is a dilemma in the act of charity. It hinges on the idea that when presented with charity, in some locations such as a soup kitchen, a person will act in one of two ways: using the charity to improve their situation, or coming to rely on charity as a means of survival. The term ''Samaritan's dilemma'' was coined by economist James M. Buchanan as a moral hazard. The dilemma's name is a reference to the biblical Parable of the Good Samaritan. Background In 1970 Buchanan said that the phrase "Samaritan's dilemma" was used by economists to describe how a benevolent individual or institution transfers what was intended to be short-term charity to those in need, only to find that those on the receiving end are not using the assistance to improve themselves but instead became dependent on the relief. As a result both suffer. This was part of a paper entitled, "The 'Social' Efficiency of Education", at the September 1970 meeting in Munich of the Mont Pelerin Society ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Club Good
Club may refer to: Arts, entertainment, and media * ''Club'' (magazine) * Club, a ''Yie Ar Kung-Fu'' character * Clubs (suit), a suit of playing cards * Club music * "Club", by Kelsea Ballerini from the album ''kelsea'' Brands and enterprises * Club (cigarette), a Scottish brand of cigarettes * Club (German cigarette), a German brand of cigarettes * Club Med, a holiday company Food * Club (soft drink) * Club Crackers * Club sandwich * Club (biscuit), a brand of biscuits manufactured by Jacob's (Ireland) and McVitie's (UK) Objects * Club (weapon), a blunt-force weapon * Golf club * Indian club, an exercise device * Juggling club * Throwing club, an item of sport equipment used in the club throw * Throwing club, an alternative name for a throwing stick Organizations * Club (organization), a type of association * Book discussion club, also called a book club or reading circle * Book sales club, a marketing mechanism * Cabaret club * Gentlemen's club (traditional) * Health club ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Benefit Principle
The benefit principle is a concept in the theory of taxation from public finance. It bases taxes to pay for public-goods expenditures on a politically-revealed willingness to pay for benefits received. The principle is sometimes likened to the function of prices in allocating private goods. In its use for assessing the efficiency of taxes and appraising fiscal policy, the benefit approach was initially developed by Knut Wicksell (1896) and Erik Lindahl (1919), two economists of the Stockholm School. Wicksell's near-unanimity formulation of the principle was premised on a just income distribution. The approach was extended in the work of Paul Samuelson, Richard Musgrave,Bernd Hansjürgens, 2000. "The Influence of Knut Wicksell on Richard Musgrave and James Buchanan", ''Public Choice'', 103(1/2), pp95116. and others. It has also been applied to such subjects as tax progressivity, corporation taxes, and taxes on property or wealth. The unanimity-rule aspect of Wicksell's appro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
