Name: James M. Buchanan.
Real Name: James McGill Buchanan.
Country: United States.
Date of Birth: October 3, 1919.
Died: January 9, 2013.
Education: Middle Tennessee State University (BS), University of Tennessee (MS), University of Chicago (PhD).
Subjects Of Study: Public-choice theory.
Popularly Known: Best-known work is Calculus of Consent and his known for his work on public choice theory.
Profession: American Economist, and professor at George Mason University.
Noble Prize Year: Nobel Prize for Peace in 1986, for his development of the contractual and constitutional bases for the theory of economic and political decision-making.
James Buchanan received the Economic Sciences Prize for his contributions to public economics and political decision-making theories. The traditional economic theory goes into considerable detail to describe how consumers make decisions, make investments in products, etc. Buchanan developed a corresponding theory of decision-making in the public sector through several studies. His best-known work was The Calculus of Consent (1962), which he co-wrote with Gordon Tullock.
