Word: buchananism
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Economists have traditionally shied away from theorizing about the public arena, ceding the terrain to political scientists. But not James McGill , Buchanan. He reasons that politicians and public servants act primarily to promote their own self-interest, not to serve some higher public good. They behave, he declares, much like consumers in a marketplace. For work stemming from that basic theory of political economy, Buchanan, 67, last week won the 1986 Nobel Prize for Economic Science. The Tennessee-born professor at George Mason University in Fairfax, Va., is the 14th American to win the economics award since it was first...
...Buchanan, 67, is in the forefront of a field of economics known as new political economy, or "public choice...
...academy said that through his study of this new area of economics, Buchanan "has transferred the concept of gain derived from mutual exchange between individuals to the realm of political decision-making...
Robert Dorfman '55, Wells Professor of Political Economy, described Buchanan as "ingenius and fair-minded...
Other professors challenged the novelty of Buchanan's research, however...