James M. Buchanan

James M. Buchanan was an American economist known for his pioneering work in public choice theory, which applies economic principles to political decision-making. He argued that individuals in politics, just like in markets, act in their self-interest, often leading to outcomes that may not serve the collective good. Buchanan emphasized the importance of institutional frameworks and rules in shaping political behavior and outcomes. His contributions earned him the Nobel Prize in Economic Sciences in 1986, highlighting his influence on both economics and political science, particularly regarding how governance structures affect economic policies and efficiency.