Abstract: James Buchanan argues that profit seeking and rent seeking are formally the same sort of behavior, but that the substance of such activities — whether they create or destroy wealth — depends on the institutional environment within which they take place. William Baumol and Israel...

James M. Buchanan’s 1969 book Cost and Choice speaks directly to the socialist calculation debate from the perspective of the “London Tradition” in the theory of cost. More than this, however, it places Buchanan alongside Adam Smith, Friedrich Hayek, and Milton Friedman as an exemplar of...

States tightly regulate access to alcohol and other substances. During the pandemic and related state of emergency, state and federal governments adopted a variety of regulations affecting this access. State shelter-in-place orders included decisions about whether liquor stores and marijuana...

In 1986, the economist James M. Buchanan (1919-2013) was honored with the Nobel Prize for the remarkable yet straightforward application of economic theory to political decisions. His was a constrained vision of imperfection and political motivation rather than an unconstrained vision of...