Tuesday , June 19 2018
Home / Tag Archives: Virginia Political Economy

Tag Archives: Virginia Political Economy

Quotation of the Day…

… is from page 156 of Robert Frank’s 2007 book, The Economic Naturalist: Producers gain less than half the cost imposed on American consumers, yet political support for tariff repeal remains elusive because the benefits of the tariff are concentrated and its costs highly diffuse. DBx: Frank here refers to a study of the consequences for us Americans of Uncle Sam’s punitive taxes on our purchases of sugar. Yet a core point – which is that the benefits of such special privileges are...

Read More »

Quotation of the Day…

… is from page 409 of my late Nobel-laureate colleague Jim Buchanan‘s 1977 paper “Notes on Justice in Contract,” as this paper is reprinted in Moral Science and Moral Order (2001), Vol. 17 of The Collected Works of James M. Buchanan: Adam Smith did use the word “just” in application to voluntary trading. And his system of “natural liberty” was evaluated in terms of justice as well as efficiency. Economists since Smith have perhaps concentrated too much on the efficiency property of...

Read More »

Quotation of the Day…

… is from page 178 of my late Nobel laureate colleague Jim Buchanan‘s 1977 paper “Criteria for a Free Society: Definition, Diagnosis, and Prescription,” 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: In its most elemental meaning a constitution is a set of rules which constrain the activities of persons and agents in the pursuit of their own ends and objectives. To argue directly or by...

Read More »

Quotation of the Day…

… is from pages 440-441 of my late Nobel-laureate colleague James Buchanan’s Spring/Summer 1994 Cato Journal article, “Notes on the Liberal Constitution,” as this article is reprinted in Choice, Contract, and Constitutions (2001), which is volume 16 of The Collected Works of James M. Buchanan (footnotes deleted): As a start, it may be useful to extend our hindsight into the pre-romantic, pre-socialist epoch, back to the 18th century, and to try to recapture the constitutional...

Read More »

Bonus Quotation of the Day…

… is from page 60 of my late Nobel-laureate colleague James Buchanan’s May 1988 American Economic Review paper, “Contractarian Political Economy and Constitutional Interpretation,” as this paper is reprinted in Choice, Contract, and Constitutions (2001), which is volume 16 of The Collected Works of James M. Buchanan: The contractarian or catallactic approach to economic interaction suggests that systems or subsystems be evaluated in terms of the comparative ease or facility with which...

Read More »

My 2006 Review of James Buchanan’s Final Book

In July 2006 I reviewed my late Nobel-laureate colleague Jim Buchanan’s 2005 collection, Why I, Too, Am Not a Conservative. My review is below the fold. The picture on the dust jacket of this latest book by my Nobel prize-winning colleague James Buchanan has nothing to do with the book’s title or its contents. The dust-jacket shows a photographer’s cloth backdrop, with absolutely nothing in the foreground or background. It’s as if the cover announces “There’s nothing here.” But oh how...

Read More »

Some Links

George Will reviews the high price of GOP protectionism. A slice: Not content with bossing around Americans, even unto telling them which washing machines to buy, the administration’s protectionists have demanded that Mexico, as part of a renegotiated NAFTA, institute a $16 minimum wage for Mexican factory workers. So, a Republican administration purports to know more than Mexico’s labor market knows about the proper price of Mexican labor. But, then, the last know-it-all administration...

Read More »

Quotation of the Day…

… is from page 5 of the 2015 Matthew Dale translation of Weiying Zhang’s superb 2010 book, The Logic of the Market (original emphasis): Today only one organization in the world legally does not have to make others happy but can be happy on its own. That organization is government. Government receives revenues through taxes. Taxes are forced, not voluntary, because the government has the power to collect taxes forcefully. Even if in theory we require government to serve the people and to...

Read More »

Quotation of the Day…

… is from page 5 of the 2015 Matthew Dale translation of Weiying Zhang’s superb 2010 book, The Logic of the Market (original emphasis): Today only one organization in the world legally does not have to make others happy but can be happy on its own. That organization is government. Government receives revenues through taxes. Taxes are forced, not voluntary, because the government has the power to collect taxes forcefully. Even if in theory we require government to serve the people and to...

Read More »

Quotation of the Day…

… is from page 132 of my late Nobel-laureate colleague James Buchanan’s 1991 paper (co-authored with Viktor Vanberg) “Constitutional Choice, Rational Ignorance and the Limits of Reason,” as this paper is reprinted in Choice, Contract, and Constitutions (2001), which is volume 16 of The Collected Works of James M. Buchanan (footnote deleted): One of the most familiar principles in Public Choice is the rational ignorance hypothesis, which states that in large electoral constituencies it is...

Read More »