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Rules without Regulators

In: James Buchanan

Author

Listed:
  • David Reisman

Abstract

Human action unfolds within tramlines that previous generations have laid down: ‘Man acts within a set of institutional constraints that have developed historically: in part by sheer accident; in part by survival in a social evolutionary process; in part by technological necessity; in part by constructive design (correctly or incorrectly conceived)’ (CW I, 361). Individuals reveal preferences. They like to think that their preferences are innate, idiosyncratic and fully authentic. They like to say, ‘Don’t tread on me’. It is too late. The treading is a fait accompli. Much that they reveal is standard issue for their club.

Suggested Citation

  • David Reisman, 2015. "Rules without Regulators," Great Thinkers in Economics, in: James Buchanan, chapter 3, pages 33-45, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-137-42718-2_3
    DOI: 10.1057/9781137427182_3
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