James Buchanan

James Buchanan was a key figure in the field of economics known for his development of Public Choice Theory and his ideas on Contractarianism. His work emphasizes the importance of individual choices and the motivations behind them in political and economic contexts. Buchanan argued that people act in their self-interest, even in government, which can lead to inefficiencies and conflicts. He proposed that understanding these individual behaviors helps us create better institutions and policies, promoting a more effective and fair society. His approach encourages a focus on the rules and agreements that govern social cooperation.