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Up for auction “Public Choice Theory” James M. Buchanan Hand Signed Announcement. ES-6368E James McGill Buchanan Jr. (/bjuːˈkænən/; October 3, 1919 – January 9, 2013) was an American economist known for his work on public choice theory (included in his most famous work, co-authored with Gordon Tullock, The Calculus of Consent, 1962), for which he received the Nobel Memorial Prize in Economic Sciences in 1986. Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making. He was a member of the Board of Advisors of The Independent Institute as well as of the Institute of Economic Affairs, a member (and for a time president) of the Mont Pelerin Society, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University. Buchanan was born in Murfreesboro, Tennessee, the eldest child of James and Lila (Scott) Buchanan, a family of Scotch-Irish descent. He was a grandson of John P. Buchanan, a governor of Tennessee in the 1890s. He attended Middle Tennessee State Teachers College (since 1965 known as Middle Tennessee State University) in 1940 by living at home and working on the farm. Buchanan completed his M.S. at the University of Tennessee in 1941. He served in the United States Navy on the staff of Admiral Chester W. Nimitz in Honolulu during World War II, when he met Anne Bakke, whom he married on October 5, 1945. Anne, of Norwegian descent, was working as a nurse at the military base in Hawaii. She died in 2005. Buchanan identified as a socialist in his youth and was unaware of the University of Chicago's strong market-oriented approach to economics. His studies there, particularly under Frank H. Knight, converted him to “a zealous advocate of the market order”. Buchanan received his Ph.D. from the University of Chicago in 1948 with a thesis on “Fiscal Equity in a Federal State”, which was heavily influenced by Knight. It was also at Chicago that he first read and found enlightening the work of Swedish economist Knut Wicksell. Photographs of Knight and Wicksell hung on his office walls ever after. Buchanan's original political and economic views leaned heavily socialist and were reinforced by his stint spent in the Navy. While serving in the military, Buchanan felt soldiers from the south and west regions were discriminated against in favor of soldiers from the New England region. He believed the soldiers from the north-east universities were viewed as a part of the establishment and received promotions to officer because of their affiliations. Buchanan would state in an interview with Karen Horn, “Out of the 20 boys from the establishment universities, 12 or 13 were picked. against a background of a total of 600. It was overtly discriminatory towards those of us who were not members of the establishment,”. Buchanan went so far as to say he would have become a communist had he been approached by a recruiter. Buchanan would go on to say that his socialist views were less “pro government” and more “anti-big business”. His ideology did not change until attending The University of Chicago, where he began studying under Frank Knight. Then he started to advocate for a free market system. Buchanan was the founder of the new Virginia school of political economy. He taught at the University of Virginia from 1956-1968, where he founded the Thomas Jefferson Center for Studies in Political Economy. From 1955 to 1956 he was a Fulbright Scholar in Italy. He taught at UCLA 1968–1969, followed by Virginia Tech 1969-1983, where he held the title Distinguished Professor of Economics and founded the Center for the Study of Public Choice (CSPC). In 1983, a conflict with Economics Department head Daniel M. Orr came to a head, and Buchanan took the CSPC to its new home at George Mason University, where he eventually retired with emeritus status. He also taught at Florida State University (1951-1956) and the University of Tennessee. In 1969 Buchanan became the first director of the Center for the Study of Public Choice. He was president of the Southern Economic Association in 1963 and of the Western Economic Association in 1983 and 1984, and vice president of the American Economic Association in 1971. In 1988, Buchanan returned to Hawaii for the first time since World War II and gave a series of lectures later published by the University Press.
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