James M. Buchanan, who died Wednesday, concluded that a government's rules often favor its own expansion. He furthered 'public choice theory,' which says that politicians and others tend to act in self-interest.
Middle Tennessee State University/AP
Why do politicians act as they do? Specifically, why do they do things that don’t seem to be in their constituents’ long-term interest, such as creating big deficits by authorizing lots of government spending without enough tax revenue to back it up?
James M. Buchanan devoted his life to trying to discover the answers to questions such as these. Mr. Buchanan, who died Wednesday, was a Nobel Prize-winning economist and leading advocate of a branch of his discipline called “public choice theory.”
Public choice theory holds that people who engage in public life, from politicians to bureaucrats to voters, behave pretty much as people do in private marketplaces. In other words, they act in narrow self-interest.
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