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Nobel Laureate in Economics, 1986 James M. Buchanan was born in 1919 in Murfreesboro, Tennessee, and received his B.A. from Middle Tennessee State College in 1940, his M.S. from the University of Tennessee in 1941 and his Ph.D. from the University of Chicago in 1948. From 1956 to 1968 he taught at the University of Virginia. He then moved to the University of California at Los Angeles (1968-1969) before joining the Virginia Polytechnic Institute (1969-1983). He currently holds the position of Advisory General Director of the Center for Study of Public Choice and is Harris University Professor of Economics at George Mason University, Fairfax, Virginia. "In 1949 James Buchanan wrote an essay which contained the nascent idea of public choice theory: that politics must consist chiefly of individual and group efforts to get most benefits from government and pay least tax. [He therefore] began the public choice tradition, observing that individual costs should be related to individual benefits in evaluations of government"(H. Stretton and L. Orchard, Public Goods, Public Enterprises, Public Choice, Macmillan, Sydney, 1994). Convinced that the growth of the public sector in the capitalist countries represents a threat to individual liberty, Buchanan has argued for the need for a new social contract that will reduce the public presence through a redefinition of individual rights. The following is a short list of his best-known major works: The Calculus of Consent (with G. Tullock, 1962), The Limits of Liberty (1975), Freedom in Constitutional Contract (1978), The Reason of Rules (with G. Brennan, 1985), Economics: Between Predictive Science and Moral Philosophy (1987), Explorations into Constitutional Economics (1989), Constitutional Economics (1991), The Economics and the Ethics of Constitutional Order (1991), Better than Plowing and Other Personal Essays (1992), Ethics and Economic Progress (1994), The Return to Increasing Returns (with Yong J. Yoon, 1994). James Buchanan was awarded the Nobel Prize in Economics in 1986, "for his development of the contractual and constitutional bases for the theory of economic and political decision-making".

1996 Economic freedom and competitive federalism: prospects for the new century