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James M. Buchanan: An appreciation

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  • Gerald O’Driscoll

Abstract

James M. Buchanan co-founded the field of Public Choice. He was influenced by Austrian economics, and in turn influenced Austrian economics. In particular, he advanced the understanding of subjectivist cost theory. His individualist approach to public policy making has been adopted by many Austrian economists. With Richard Wagner, he analyzed the politics of Keynesian economics. They explained why Keynesianism in practice led to a larger government, permanent deficits and inflationary monetary policy. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Gerald O’Driscoll, 2014. "James M. Buchanan: An appreciation," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(2), pages 129-134, June.
    • Handle: RePEc:kap:revaec:v:27:y:2014:i:2:p:129-134
    DOI: 10.1007/s11138-014-0259-7
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    References listed on IDEAS

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    1. Thomas F. Cargill & Gerald P. O'Driscoll Jr., 2013. "Federal Reserve Independence: Reality or Myth?," Cato Journal, Cato Journal, Cato Institute, vol. 33(3), pages 417-435, Fall.
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    More about this item

    Keywords

    Public choice; Armen Alchian; UCLA tradition; Mises; Hayek; LSE tradition; Keynes; Deficits; B25; B31; B53;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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