James Buchanan won a Nobel prize in Economics in 1986 for his pioneering work in what is known as public choice theory. In my opinion, he is one of the few true economists. He understands the methodological and institutional issues and limitations of his field. As most outstanding economists, he was never lured into the political arena and forced to compromise his beliefs. Don Boudreaux, in honor of Buchanan’s 90th birthday writes in a tribute to him: “Buchanan’s central insight is indeed one that Madison and other founders shared — namely, we delude ourselves whenever we forget that men and women in the political arena are simply men and women rather than angels possessing some type of unusual wisdom.”
Boudreaux’s full article
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great post as usual .. thanks .. you just gave me a few more ideas to play with