James M. Buchanan Jr.

Dictionary Says

Definition of 'James M. Buchanan Jr.'

An American economist and winner of the 1986 Nobel Memorial Prize in Economics for his contributions to public choice theory. Born in Tennessee in 1919, Buchanan Jr. earned his Ph.D. from the University of Chicago and has taught at Virginia Polytechnic Institute and George Mason University. Along with fellow economist Gordon Tullock, he wrote the famous book "The Calculus of Consent".
Investopedia Says

Investopedia explains 'James M. Buchanan Jr.'

Public choice economics applies economics to political decision making. For example, public choice theory defies the conventional wisdom that politicians act in the best interests of their constituents and instead analyzes how incentives shape politicians' choices to act in their own self-interest.

Sign Up For Term of the Day!

Try Our Stock Simulator!

Test your trading skills!

Related Definitions

  1. Austrian School

    An economic ...
  2. Dismal Science

    A term coined by ...
  3. Economics

    A social science ...
  4. John R. Hicks

    A British ...
  5. Free Enterprise

    An economic ...
  6. Keynesian Economics

    An economic ...
  7. Market Economy

    An economic ...
  8. Neoclassical Economics

    An approach to ...
  9. Paul Krugman

    Paul Krugman is ...
  10. Karl Marx

    A philosopher ...

Articles Of Interest

  1. 4 Misconceptions About Free Markets

    These fallacies have hounded free market economists since the days of Adam Smith.
  2. Why Can't Economists Agree?

    There are many reasons why economists can be given the same data and come up with entirely different conclusions.
  3. Free Market Maven: Milton Friedman

    As proponent of free market capitalism, this economist changed the way the world's economies operate.
  4. Adam Smith: The Father Of Economics

    This free thinker promoted free trade at a time when governments controlled most commercial interests.
  5. The Austrian School Of Economics

    If you think economists are only concerned with numbers, check out this group, who are more like economic philosophers.
  6. How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  7. The Uncertainty Of Economics: Exploring The Dismal Science

    Learning about the study of economics can help you understand why you face contradictions in the market.
  8. Hetty Green: The Witch Of Wall Street

    Hetty Green was the richest woman of her time and possibly the first value investor, yet she's not remembered kindly.
  9. The Intelligent Investor: Benjamin Graham

    Learn about the man who mentored Warren Buffett, who eventually became the investing "Oracle of Omaha".
  10. Top 5 All-Time Best Mutual Fund Managers

    The best managers produced long-term, market-beating returns and helped investors build big nest eggs. Find out who made the cut.

comments powered by Disqus
Recommended
Loading, please wait...
Trading Center