James McGill Buchanan (1919 - 2013) was an American economist best
known as a pioneer of public choice theory. A founder of the new
Virginia school of political economy, he made extensive
contributions to the theory of public finance, constitutional
economics, rent-seeking, and the economic analysis of politics.
Buchanan's work offered a scientific basis for conservative and
libertarian political endeavors such as a constitutional amendment
to balance the federal budget. He was awarded the Nobel Prize in
Economics in 1986.
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