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James M. Buchanan Jr.

James M. Buchanan Jr. was an American economist who was an important figure in the history of economic thought. He is best known for being awarded with the Nobel Prize in Economics in 1986 for his work developing the public choice theory with fellow economist, Gordon Tullock. This theory is based on the idea that economics should be studied through the lens of the collective actions taken by individuals, groups, and governments due to their determined wants and preferences.

Before the advent of public choice theory, economists mainly studied economic behavior from a national or international level, looking at larger economic structures. Buchanan’s theories shifted the focus to the motivations and behavior of individuals and groups and their impact on economics.

In addition to his work developing the public choice theory, James M. Buchanan Jr. also wrote and co-wrote a number of books and articles on economic theory and practice, including The Limits of Liberty (1975), Economics, Politics and Public Choice (1980), and The Economics of Politics (1971). He was a member of the Mont Pelerin Society, a worldwide network of economists, and was also a professor of economics at the University of Virginia.

Buchanan's work in economics helped establish the Center for Study of Public Choice at George Mason University, where he was Professor Emeritus of Economics. At the Center, students learn the public choice approach to economics, which emphasizes studying the behavior of individuals in their roles as both producers and consumers. The Center also serves as a platform for scholars to research public choice related topics.

To this day, the public choice theory, which originated with the combined efforts of James M. Buchanan Jr. and Gordon Tullock, continues to be a cornerstone of modern economic thought. His theories have broadened the scope of economic thought to consider the collective decisions of individuals in addition to larger economic structures and have impacted other fields, such as political science, anthropology, sociology and law. The Center for Penurie, Research and Policy Analysis, which he founded in 1983, is also still in existence and serves as a center for discussions and research regarding public policy.

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