Buchanan

James M. Buchanan was an economist known for his work on public choice theory, which analyzes how government decisions are influenced by the self-interest of officials and voters. He argued that political actors, like individuals in markets, pursue their own goals, which can lead to inefficiencies or unintended consequences in government policy. Buchanan emphasized the importance of designing political institutions that align incentives and promote better decision-making for society. His ideas helped improve understanding of how political processes work and contributed to the development of constitutional economics, focusing on creating rules that lead to improved public outcomes.