This volume presents a collection of thirty-four essays and shorter works by James M. Buchanan that represent the brilliance of his founding work on public-choice theory.
“Politics by principle is that which modern politics is not. What we observe is ‘politics by interest,’ whether in the form of explicitly discriminatory treatment (rewarding or punishing) of particular groupings of citizens or of some elitist-dirigiste classification of citizens into the deserving or non-deserving on the basis of a presumed superior wisdom about what is really ‘good’ for us all. The proper principle for politics is that of generalization of generality.”
Commenting on his collaboration with Geoffrey Brennan on The Power to Tax, James M. Buchanan says that the book is “demonstrable proof of the value of genuine research collaboration across national-cultural boundaries.” Buchanan goes on to say that “The Power to Tax is informed by a single idea—the implications of a revenue-maximizing government.”
Liberty Fund is pleased to make available in paperback eight of the original thirty-three cloth volumes of the Collected Works of John Stuart Mill that were first published by the University of Toronto Press that remain most relevant to liberty and responsibility in the twenty-first century. Born in London in 1806 and educated at the knee of his father, the Scottish philosopher James Mill, John Stuart Mill became one of the nineteenth century’s most influential writers on economics and social philosophy.
Since 1970, Antonio Martino has authored 13 books and more than 150 papers and articles on economic theory and policy. This modern collection of writings is from Martino’s practical and theoretical perspective, as he has personally encountered many of the economic and political issues presented in these essays.
Public Finance in Democratic Process is James M. Buchanan’s monumental work that outlines the dynamics of individual choice as it is displayed in the process of public finance.
Public Principles of Public Debt is one of James M. Buchanan’s most important and influential books. The radical idea he conceived was that our reliance on public debt has amassed a sort of orthodoxy that is commonly—and needlessly—assumed by taxpayers, by politicians, and by economists themselves.
First published in 1941, The Pure Theory of Capital has long been overlooked. This volume offers a detailed account of the equilibrium relationships between inputs and outputs in a time-filled economy. Hayek’s stated objective was to make capital theory—which had previously been devoted almost entirely to the explanation of interest rates—“useful for the analysis of the monetary phenomena of the real world.” His ambitious goal was nothing less than to develop a capital theory that could be fully integrated into business cycle theory. Hayek’s manifesto of capital theory is now available again for today’s students and economists to discover.
The Rationale of Central Banking was first published in England in 1936. Vera Smith spent her professional career in a variety of research positions. She wrote articles and books on money, banking, economic development, and the labor market and translated into English books by Wilhelm Röpke, Oskar Morgenstern, and Fritz Machlup.
In his foreword, Robert D. Tollison identifies the main objective of Geoffrey Brennan and James M. Buchanan’s The Reason of Rules: “. . . a book-length attempt to focus the energies of economists and other social analysts on the nature and function of the rules under which ordinary political life and market life function.”
Reflections on Ethics, Freedom, Welfare Economics, Policy, and the Legacy of Austrian Economics comprises a variety of Kirzner’s essays on social thought. Kirzner’s intellectual interest and theories go beyond market process and entrepreneurship: they encompass several important topics that are vital to the existence of human societies.
The fifth volume in The Selected Works of Gordon Tullock consists of six parts, each part expounding on a separate component of the field. Part 1, “Rent Seeking: An Overview,” brings together two papers that focus on problems of defining rent-seeking behavior and outline the nature of the ongoing research program in a historical perspective. Part 2, “More on Efficient Rent Seeking,” contains four contributions in which Tullock elaborates on his 1980 article on efficient rent seeking. Part 3, “The Environments of Rent Seeking,” consists of eight papers that collectively display the breadth of the rent-seeking concept. Part 4, “The Cost of Rent Seeking,” comprises seven papers that address several important issues about the cost of rent seeking to society as a whole. Part 5 is Tullock’s short monograph Exchanges and Contracts, in which he develops a systematic theory of exchange in political markets. In Part 6, “Future Directions for Rent-Seeking Research,” Tullock focuses on the importance of information in the political marketplace.