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James M. Buchanan Jr. – Prize Lecture - NobelPrize.org

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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1986 was awarded to James M. Buchanan Jr. "for his development of the contractual and constitutional bases for the theory of economic and political decision-making"

Lecture to the memory of Alfred Nobel, December 8, 1986 The Constitution of Economic Policy I. Introduction The science of public finance should always keep… political conditions clearly in mind. Instead of expecting guidance from a doctrine of taxation that is based on the political philosophy of by-gone ages, it should instead endeavor to unlock the mysteries of the spirit of progress and development. (Wicksell, p. 87.)1 On this of all occasions, I should be remiss if I failed to acknowledge the influence of that great Swede, Knut Wicksell, on my own work, an influence without which I…

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