Prague, Czech Republic. In October 1985 (I think it was) Professor James Buchanan, now at George Mason University's Department of Economics, received the Nobel Prize in his discipline for his pioneering work—in collaboration with Professor Gordon Tullock—in what came to be called public choice theory. The gist of this theory is that those who work in government, often referred to in the honorific terms as doing "public service," are, contrary to widespread impression, just as much motivated by personal or self-interest as are people in the market place. In other words, politicians and bureaucrats pursue their own agendas, not those of "the public," just as people in business do. And from this a number of interesting insights follow about the nature of government policy. (Read more...)
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