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Quote by James M. Buchanan

“If politicians get money to spend and don't have to be responsible for taxation, then of course that will bias their attitude toward more spending as opposed to cutting back on spending.”

Quote by James M. Buchanan

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James M. Buchanan
James M. Buchanan

James M. Buchanan was a distinguished economist known for his contributions to the theory of public choice. He was born on October 3, 1919, and passed away on January 9, 2013. Buchanan's theories had a profound impact on understanding government behavior and market mechanisms. more

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“You can get a coalition of senators from particular states in America, for example, who want to construct highways or dams or ports which may well be very inefficient. The taxes would be paid by the people over the whole country, but the benefits would go to the few people in those particular locations. This type of spending is a rather gross waste of resources that worsened over the years as the government has been allowed to do more particularized things.”

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Author:James M. Buchanan
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“Few will have the greatness to bend history itself; but each of us can work to change a small portion of events, and in the total; of all those acts will be written the history of this generation.”

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“You have to have a government to provide you with legal order, with stability, enforcement of property rights, enforcement of contracts, definition of rules and regulations - the rules of the game, so to speak - and to provide certain shared goods and services, public services. Several people have tried to estimate this and they come out with figures like government spending at 15% of GDP. In the modern world it has gone to 40% or above. So we are way beyond the optimal, and that is easier to say than what the optimum is.”

PeopleWorldWayGovernmentCertainOrderGamesSpeakGoneRightsModernFiguresEasierPropertyDefinitionsSpendingGoodsContractsStabilityRegulationEnforcementModern WorldPublic ServiceProperty RightsGdpGovernment SpendingGoods And ServicesOptimalRules Of The GameRules And RegulationsOptimum
Author:James M. Buchanan
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“Rent control is one policy that economists universally would oppose. It is a grossly inefficient way of allocating housing space and, of course, it inhibits construction and creates the very thing it is supposed to alleviate. It is one of those things where people simply don't understand simple economics and, therefore, put in for political reasons what will damage the very people that it is designed to help. Minimum wage levels are another classic example.”

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Author:James M. Buchanan
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“Politically, sometimes you get situations where rent control will go through. It is especially true in an emergency, where there is a sudden, sharp increase in demand for housing or a cut back in supply. People will simply not allow the marketplace to allocate housing resources and so you get pressures for rent control. Once you have it, it is hard to eliminate.”

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Author:James M. Buchanan
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