James M. Buchanan Jr.

James M. Buchanan Jr. was an influential economist known for his development of public choice theory, which applies economic principles to political decision-making. He argued that individuals in politics, like those in markets, act based on personal interests rather than the collective good. Buchanan's work emphasizes the importance of limited government and individual autonomy, aligning with libertarian ideals that prioritize personal freedom and minimal state intervention. He believed that better governance arises from systems that recognize individuals' motivations, advocating for rules and institutions that promote accountability and efficiency in public spending.