I have long been in favor of a balanced budget restriction at the level of the federal government of the United States. Because the federal government has money-creating powers it can, in fact, be very damaging if it runs a… — James M. Buchanan Copy Share Image
Politicians and bureaucrats are no different from the rest of us. They will maximize their incentives just like everybody else. — James M. Buchanan Copy Share Image
Politics is a romantic search for the good and the true and the beautiful. — James M. Buchanan Copy Share Image
People share a universal behavioural trait: if there are profits to be made, the effort to get that money will attract investment. This is… — James M. Buchanan Copy Share Image
If you have an area where high-income receivers concentrate, you have a higher fiscal capacity. That fiscal capacity is a valuable resource and will create rent-seeking. People will trying to get that resource one way or the other, including immigration. It is very much like the medieval peasants putting their sheep on the commons pasture. It is better than the… — James M. Buchanan Copy Share
How would the US be different today if people coming off the boat were greeted with a welfare check instead of a shovel? — James M. Buchanan Copy Share Image
“The elementary and basic approach that I suggest places “the theory of markets” and not the “theory of resource allocation” at center stage. My… — James M. Buchanan Copy Share Image
It is much more difficult to get implemented politically what might be desirable economically. Even if you came out with an economic argument in… — James M. Buchanan Copy Share Image
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… — James M. Buchanan Copy Share
“Despotism may be the only organizational alternative to the political structure that we observe.” — James M. Buchanan Copy Share Image
Imagine that Queen Elizabeth I, in her time, had the opportunity to give out a monopoly for playing cards within the kingdom. She knew she was going to give it to one of her courtiers. These courtiers would then all try to curry her favour. Meanwhile, they would not contribute anything to the product of the kingdom, in fact, they… — James M. Buchanan Copy Share
You have to have a government to provide you with legal order, with stability, enforcement of property rights, enforcement of contracts, definition of rules… — James M. Buchanan Copy Share Image
The assumption that we can keep societies open and free to everybody is going to have to stop. We are going to have to… — James M. Buchanan Copy Share Image
