Virginia Political Economy : A View from Vienna

The task of the economist, from an Austrian perspective, is twofold: (1) to render economic phenomena intelligible in terms of purposive human action, and (2) to trace out the unintended consequences, both desirable and undesirable, of human actions. When analyzing political exchange, the economist's task is not altered. Austrian economists have much to learn from the work of the Virginia School of Political Economy as exemplified by Buchanan. By merging public choice insights with Austrian analysis - a framework in which Buchanan fits quite comfortably - Austrians can improve their understanding of political economy and buttress their case for individual liberty