Individualism and Political Disorder

Individualism and Political Disorder

James M. Buchanan and Yong J. Yoon

Inspired by F.A. Hayek’s Individualism and Economic Order, this book also stands in contrast to the themes of that work, by emphasizing that collective action works differently from the way the market works. The chapters comprise papers written by James M.Buchanan, both with and without Yoon’s co-authorship, after the publication of his Collected Work volumes. These chapters reflect the authors' thoughts on politics, seen through the lens of fiscal policy and the tragedies of the commons and anti-commons in collective action. The pathologies of democratic politics rigorously analyzed in the book prove the relevance of Buchanan's constitutionalism

Chapter 13: Institutional sources of America's fiscal tragedy

J.M. Buchanan

Subjects: economics and finance, economic psychology, political economy, public choice theory


Modern fiscal institutions were devloped in political settings in which choices to spend for collective purpose were made by a single ruler: king, queen or prince.

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