James M. Buchanan
James M. Buchanan was an American economist known for his work in public choice theory, for which he was awarded the Nobel Prize in Economics in 1986. He argued that individuals in political decision-making processes act out of self-interest, similar to those in economic markets. His influential writings challenged conventional views on government and economics, emphasizing the importance of voluntary exchanges and the limitations of central planning.
Born on Jan 03, 1919 (106 years old)
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James M. Buchanan, Nobel Prize-winning economist, explains that markets are spaces for voluntary exchange among individuals.
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