Word: buchananism
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Pratt, Shin, and Daniel Buchanan '88 helped serve rice, beans, and dayold baked goods provided by "Bread, not Bombs," a group whose philosophy links military budgets to hunger. The Kendall Square-based group salvages and hands out food from local restaurants and supermarkets along with anti-nuclear leaflets. The servers request but do not require payment for the food...
...interested in a sort of cultural approach as opposed to a simple tell-about approach," said Dan P. Buchanan '90 of Dunster, who works on the Harvard Homeless Committee...
...Buchanan is one of the leading spokesmen of the "public-choice" school, which applies the discipline of economics to the study of political decision making. Governments reflect the actions and choices of politicians, Buchanan argues, just as markets operate through the decisions of consumers who buy and sell goods. His theories help to explain the growth of budget deficits. Members of Congress are primarily motivated by a desire to get re-elected, Buchanan assumes. "Their natural proclivity is to spend more and not tax," he says. The result: a "regime of permanent budget deficits." The cure, Buchanan contends...
...Buchanan has several admirers among members of the Reagan Administration. James Miller III, director of the Office of Management and Budget, was a doctoral student of Buchanan's in the 1960s. Another Buchanan supporter: Manuel Johnson, a former George Mason professor who is now vice chairman of the Federal Reserve Board...
When not teaching, Buchanan runs a 400-acre farm near Blacksburg, Va. He was rumored to have been a candidate for the Nobel award in 1984, but this year, he says, "I had no premonition this would happen. I was shocked." So were some mainstream economists who have paid little attention to Buchanan's work. One M.I.T. professor last week called public-choice theory "unsophisticated." Buchanan admits that his ideas are "not standard" but points out that many of his theories are "simple applications of common sense that the academics all forget about...