Democracy in Chains?: James M. Buchanan on Political Economy & Democracy
James M. Buchanan was awarded the Nobel Memorial Prize in Economics in 1986. But he has recently been the focus of criticism for his views on democracy. A careful examination of his work, however, suggests a lifetime devoted to inquiring how democracy could be made an effective means of social and political cooperation. From public choice theory to constitutional political economy to his eventual consideration beyond politics of the role of cultural and social norms, he continually sought more open-ended forms of economic, political, and social analysis. An opponent of the tyranny of experts, his analysis sought means for protecting and even promoting the views and rights of those who held less common perspectives.
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