James M. Buchanan
Economist, Nobel Prize in economics winner
Died when: 93 years 98 days (1119 months)Star Sign: Libra
James McGill Buchanan Jr. (/bju?'kæn?n/;October 3, 1919 – January 9, 2013) was an American economist known for his work on public choice theory originally outlined in his most famous work co-authored with Gordon Tullock in 1962, The Calculus of Consent, then developed over decades for which he received the Nobel Memorial Prize in Economic Sciences in 1986.
Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making.He was a member of the Board of Advisors of The Independent Institute as well as of the Institute of Economic Affairs, a member of the Mont Pelerin Society (MPS) and MPS president from 1984 to 1986, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University.