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Fall 2021
ISSN 0890-913X
Volume 36, Number 3

James M. Buchanan’s Constrained Vision in Cost and Choice *

Art Carden, Samford University
M. Scott King, University of Tennessee at Chattanooga
Audrey Redford, Western Calorina University
James E. Hanley, Independent Scholar
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/index.php?action=ajax&rs=GDMgetPage&rsargs[]=2021 Journal of Private Enterprise Vol 36 No 3 Fall parte5.pdf&rsargs[]=0
TheJournalofPrivateEnterprise36(3),2021,91109JamesM.BuchanansConstrainedVisioninCostandChoice*ArtCardenSamfordUniversityandAmericanInstituteforEconomicResearchM.ScottKingUniversityofTennesseeatChattanoogaAudreyRedfordWesternCarolinaUniversityJamesE.HanleyIndependentScholar__________________________________________________________AbstractJamesM.Buchanans1969bookCostandChoicespeakstothesocialistcalculationdebatefromtheperspectiveoftheLondonTraditiontheoryofcost.ItalsoestablishesBuchananasanexemplarofThomasSowellsconstrainedvisioninSowells(1987)2007bookAConflictofVisions.ThisessayexploresBuchanansradicalsubjectivisminCostandChoice,andwhyitalignshimwithSowellsconstrainedvision.”CombiningBuchananssubjectivismwithSowellsAConflictofVisionscanhelpusunderstandBuchananscritiquesofwelfareeconomics.WepositthatCostandChoicehascontinuedrelevanceforpublicchoiceinadditiontoAustrianeconomics.__________________________________________________________JELCodes:B25,B31,H11Keywords:cost,subjectivism,JamesBuchanan,LondonSchoolofEconomics,AustrianEconomics,welfareeconomics*WethankparticipantsinaMercatusCenterdiscussionofMarketsandMoralityandsessionsonthefiftiethanniversaryofBuchanansCostandChoiceatthe2019AssociationofPrivateEnterpriseEducationandSouthernEconomicAssociationmeetingsforcommentsanddiscussion.Wealsothankananonymousreviewerandtheeditorforhelpfulcommentsintherevisionofthismanuscript.Allremainingerrorsareourown.
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