We lost a titan this week. Nobel-prize winning economist James Buchanan died at age 93. He was one of the founders of Public Choice Theory and taught for a time at my alma mater (alas, before my time).
The Wall Street Journal includes two [1, 2] tributes to the man and his work in today's editorial/opinion pages.
For an explanation of Public Choice Theory in his own words, read Buchanan's Politics Without Romance. This Buchanan quote sums it up,
"In a very real sense, public choice became a set of theories of governmental failures, as an offset to the theories of market failures that had previously emerged from theoretical welfare economics."
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