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Home / Tag Archives: Virginia Political Economy

Tag Archives: Virginia Political Economy

Quotation of the Day…

.. is from page 18 of my late colleague Gordon Tullock’s 1997 essay “Origins of Public Choice,” as this essay is reprinted in volume 4 (The Economics of Politics) of Tullock’s Selected Works (Charles K. Rowley, ed., 2005) (links added): It should be said here that the problem of protective tariffs had a tendency to drive people from pure economics into different disciplines from the beginning.  Both [William Graham] Sumner and [Vilfredo] Pareto had moved from economics into sociology in...

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Quotation of the Day…

… is from page 99 of my late Nobel-laureate colleague James Buchanan’s Fall 1975 Reason Papers article, “Boundaries on Social Contract,” as this article is reprinted in Choice, Contract, and Constitutions (2001), which is volume 16 of The Collected Works of James M. Buchanan (original emphasis): [T]o the extent that existing rights are held to be subject to continuous redefinition by the State, no one has an incentive to organize and to initiate trades or agreements.  This amounts...

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Further Evidence of the Absurdity of Nancy MacLean’s “Democracy in Chains”

Here’s a hot-off-the-press new paper by Phil Magness, Art Carden, and Vincent Geloso – a paper that further exposes the egregious errors in Nancy MacLean’s absurd and fabulist tale, Democracy in Chains.   The title of the paper is “James M. Buchanan, Public Choice, and the Political Economy of Desgregation.”  Here’s the abstract: Recent historical works, most notably Democracy in Chains, advance the claim that 1986 Nobel Laureate James M. Buchanan developed his formative contributions to...

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Bonus Quotation of the Day…

… is from page 202 of my late Nobel-laureate colleague Jim Buchanan‘s 1994 paper “Politicized Economies in Limbo” as this paper is reprinted in Ideas, Persons, and Events (2001), which is volume 19 of The Collected Works of James M. Buchanan: Now, here, is the normative contradiction that does confront anyone who takes a classical liberal position.  Margaret Thatcher, as you recall, was roundly chastized for her statement that there is no society as such.  Her intent in that statement...

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Some Links

Shikha Dalmia got the outcome that she wanted in last Tuesday’s gubernatorial election in Virginia. From August 2016, here’s an excellent Forbes article, on creative destruction, by Chelsea Follett and my new Mercatus Center colleague Christine McDaniel.  A slice: What might be more surprising is that Americans are also better off economically in many ways than their grandparents. The real cost of living in America has declined for most material goods. The best way to measure the cost of...

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Quotation of the Day…

… is from page 278 of my late Nobel laureate colleague Jim Buchanan‘s 1987 paper “Market Failure and Political Failure,” as this paper is reprinted in James M. Buchanan, Federalism, Liberty, and Law (2001), which is volume 18 of the Collected Works of James M. Buchanan: Almost all observed market arrangements generate results that fall short of achieving the ideal.  The reasons are familiar.  Such an assessment of failure does not, however, carry any implication for ultimate...

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Quotation of the Day…

… is from page 159 of my colleague Richard Wagner’s excellent intellectual biography of Jim Buchanan, James M. Buchanan and Liberal Political Economy (2017): For Buchanan, maintenance of a constitutional framework required that post-constitutional actions be consistent with maintaining that framework.  While maintenance of that framework is often attributed to law enforcement, it is impossible for any police department or attorney general to maintain a set of rules unless the bulk of the...

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Bonus Quotation of the Day…

… is from page 288 of my late Nobel laureate colleague Jim Buchanan‘s 1987 paper “Market Failure and Political Failure,” as this article is reprinted in James M. Buchanan, Federalism, Liberty, and Law (2001), which is volume 18 of the Collected Works of James M. Buchanan: Until and unless politics, as it works, and not as it might ideally be imagined to work, can be demonstrated to generate better distributive results than the market, “better” in terms of some reasonably acceptable...

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Some Links

Pierre Lemieux is intrepid – thankfully so – in his efforts to rid popular discussion of the myth that imports ‘subtract’ from GDP.  A slice: By definition, GDP is made of domestically-produced goods for consumption, investment, government expenditures, and exports, that is, C+I+G+X. When they actually measure GDP, however, statisticians only find a C, an I, and a G that include imported goods and services. In order to correct for that, they have to remove all imports from the formula,...

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Quotation of the Day…

… is from page 255 of my late Nobel-laureate colleague Jim Buchanan‘s 1966 paper “An Individualistic Theory of Political Process,” as this paper is reprinted in Moral Science and Moral Order (2001), Vol. 17 of The Collected Works of James M. Buchanan: The whole problem of “politics and morals,” of “political obligation” arises out of attempts to get people to accept the “public interest” as their own.  In other words, the reconciliation, if there is any, between private and public...

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