Quotation of the Day…

by Don Boudreaux on July 15, 2017

in Myths and Fallacies, Reality Is Not Optional, Virginia Political Economy

… is from page 23 of my late Nobel laureate colleague James Buchanan’s 1983 article “The Public Choice Perspective,” as this article is reprinted in James M. Buchanan, Politics as Public Choice (2000), which is volume 13 of the Collected Works of James M. Buchanan:

When persons are modelled as self-interested in politics, as in other aspects of their behavior, the constitutional challenge becomes one of constructing and designing framework institutions or rules that will, to the maximum extent possible, limit the exercise of such interest in exploitative ways and direct such interest to furtherance of the general interest.  It is not surprising, therefore, to discover the roots of a public choice perspective which contains both elements here identified are to be found implicitly in the writings of the American Founders, and most notably in James Madison’s contributions to The Federalist Papers.

DBx: Yes.  One can see in the above clear evidence that Jim Buchanan led a stealth campaign to damage the general interest in favor of promoting that of oligarchs by undermining American democracy.  😉

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