James m. buchanan: a theorist of political economy and social philosophy richard e. wagner - The ebo
James M. Buchanan: A Theorist of Political Economy and Social Philosophy Richard E. Wagner
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Hegel and Contemporary Practical Philosophy Beyond Kantian Constructivism Routledge Studies in Social and Political Thought 1st Edition James Gledhill (Editor)
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Introduction from the Series Editor
Economics has witnessed a dramatic transformation since the Second World War, both in terms of its depth and range. Tis series of volumes, entitled Remaking Economics: Eminent Post-War Economists, will examine the nature of this transformation through the work of those economists who have been responsible for the changes that have taken place. In some cases, relatively little has been written about these transformative fgures in terms of single edited volumes dedicated to examining their work and infuence. Te series hopes to fll this gap with volumes edited by important economists in their own right, with contributions in each volume not only from some of the most prestigious scholars currently working in economics but also from promising younger economists. By addressing key themes and retaining a focus on originality, each volume will give the reader new and valuable insights. Te series will also strengthen economists’ knowledge of the history of their subject and hopefully inspire future research.
Robert A. Cord Managing Editor
Preface
Economic theory underwent a substantial transformation in the aftermath of the Second World War, both in its methods and in substance to which those methods were applied. Tis volume is the third in a series that examine the ideas of the main fgures who led that transformation. Tis volume is devoted to James M. Buchanan, who received his Ph.D. from the University of Chicago in 1948 and who was awarded the Nobel Memorial Prize in Economics in 1986. Te 50 essays in this volume are organized into seven parts, with the titles of those parts refecting the breadth of Buchanan’s body of scholar work. In turn, these parts are dedicated to “subjectivism and the methodology of political economy,” “public fnance and the theory of the state,” “collective action and constitutional political economy,” “ethics, social philosophy, and liberal political economy,” “economic theory as social theory,” “money, debt, and the rule of law,” and “Buchanan in relation to other prominent scholars.”
While Buchanan is now a historical fgure, these essays are not hagiographic in nature. To the contrary, they mostly focus on the potential contemporary relevance of Buchanan’s ideas. Te achievement of that potential relevance will require the application of a theorist’s
imagination to topics that Buchanan explored, and the authors of these essays are mostly concerned with exploring how one or another of Buchanan’s many lines of inquiry might be carried productively into contemporary scholarly inquiry.
Fairfax, USA
Richard E. Wagner
Giuseppe Eusepi
49 Te Calculus of Consent and the Compound Republic 1131
Robert L. Bish
50 Why James Buchanan Kept Frank Knight’s Picture on His Wall Despite Fundamental Disagreements on Economics, Ethics, and Politics 1155
Ross B. Emmett
Index 1171
List of Figures
Fig. 8.1 External and decision making costs 152
Fig. 8.2 Leviathan 153
Fig. 9.1 Money fow with government intermediation 181
Fig. 9.2 Money fow without government intermediation
Fig. 11.1 Ordinary waiting list in the UK NHS, 1970–2008 (Source Department of Health UK)
Fig. 11.2 Current health spending as a percentage of GDP: UK versus the OECD, 2013 (Source OECD Health Statistics)
Fig. 11.3 First or second priorities for extra government spending in the UK, 1983–2012 (Source Park et al. 2013)
Fig. 11.4 Voters’ priorities to retain expenditures in recessions (Source Health Foundation analysis of lpsos MORI survey of 1985 adults in Great Britain 15 and over, May 2017, and lpsos MORI survey of 1792 adults in Great Britain aged 15 and over, March 2015)
Fig. 11.5 UK Health versus non-health spending, 1970–2012 (Source OECD Health Statistics and National Accounts)
Fig. 13.1 Form of used contraception (Based on Mosher and Jones 2010)
181
208
208
213
216
222
285
Fig. 13.2 U.S. NuvaRing sales in millions of dollars (Based on Merck’s annual reports)
286
Fig. 19.1 Federal budget surplus and defcit, 1792–1900 (Source Historical Statistics of the United States, Colonial Times to 1970. https://www.census.gov/library/ publications/1975/compendia/hist_stats_colonial-1970. html) 409
Fig. 23.1 Coercion when rich people have a lower taste for the public good, σ 2 α Y < 0
501
Fig. 23.2 Coercion when rich people have a higher taste for the public good, 502
Fig. 23.3 Coercion in OT when income and taste for the public good are independent of each other σ 2 α Y = 0 . Coercion = 503
Fig. 33.1 Te Hume–Gauthier one-play Harvesting Game 745
Fig. 33.2 Limited Ultimatum Game 746
Fig. 33.3 Typical ofers in Ultimatum and Dictator games (Source Henrich and Henrich [2007, p. 166]) 750
Fig. 33.4 Te reactive emotions view 757
Fig. 34.1 Identifying, screening, evaluating, and choosing among possibilities 787
Fig. 35.1 Costs of collective decision making 826
Fig. 36.1 Supply of efort 844
Fig. 36.2 Ethical rules and supply of efort 845
Fig. 36.3 Dominance of expedience over morals 846
Fig. 36.4 Efect of group size on moral behavior 848
Fig. 38.1 Te structure of decision making within American criminal justice 894
Fig. 42.1 Debt to GDP ratios of large OECD countries, 1970–2017 (Source German Council of Economic Experts) 967
Fig. 42.2 Debt to GDP ratios of small OECD countries, 1970–2017 (Source German Council of Economic Experts) 967
Fig. 42.3 Nominal interest rates and growth rates of nominal GDP in Germany, 1974–2010 (Source Burret, Feld and Köhler (2013)) 972
Fig. 42.4 Nominal interest rates and growth rates of nominal GDP in Germany, 1953–1973 (Source Burret, Feld and Köhler (2013)) 973
Fig. 42.5 Nominal interest rates and growth rates of nominal GDP in Germany, 1871–1914 (Source Burret, Feld and Köhler (2013))
Fig. 42.6 Nominal interest rates and growth rates of nominal GDP in Germany, 2008–2016 (Source German Council of Economic Experts)
974
975
List of Tables
Table
Table
Table
Table
Table 11.5 Te procyclicality of UK health capital formation
Table 11.6 Te procyclicality of UK current health expenditure and the infuence of elections
Table
Table
Table
Table
Table 33.3 Results in two power-to-take experiments (Reuben and Van Winden 2010)
1
Who Was James M. Buchanan and Why Is He Signifcant?
Richard E. Wagner
Tis collection of essays exemplifes both the breadth and the depth of James M. Buchanan’s (1919–2013) contributions to economics in the post-war period. He received the Ph.D. in economics from the University of Chicago in 1948, writing a dissertation on fscal issues within federal systems of government.1 Buchanan started his career as a public fnance economist who wanted to take the theory of public fnance in a starkly diferent direction, as Marianne Johnson (2014) illustrates through archival research.
Te public fnance that Buchanan encountered, throughout the western world and not just at Chicago, was public fnance construed as applied statecraft. Public fnance theorists focused on providing recipes for governments to pursue in doing good things for their subjects.
1Some book-length treatments of Buchanan’s scholarship are David A. Reisman (1990), John Meadowcroft (2011), and Richard E. Wagner (2017).
R. E. Wagner (ed.), James M. Buchanan, Remaking Economics: Eminent Post-War Economists, https://doi.org/10.1007/978-3-030-03080-3_1
Te two main exemplars of this orientation toward public fnance during Buchanan’s student days were Francis Edgeworth (1897) and A. C. Pigou (1928). Edgeworth posed the central problem of public fnance as one of how a ruler who wanted to minimize the burdens that his tax extractions imposed on his subjects should impose those extractions. A half-century later, Edgeworth’s formulation had morphed into the theory of optimal taxation, which construed the fscal problem as one of how the state should impose taxes and confer subsidies to maximize some notion of happiness or well-being for a society.
In contrast to Edgeworth’s macro-level orientation, Pigou approached public fnance from a micro-level orientation. Tat alternative orientation, however, was employed to the same efect of articulating what fscal actions a state should employ assuming that it operated with a single-minded devotion to promoting social welfare. What resulted in Pigou (1928) was a menu of taxes and subsidies designed to promote benefcial activities and restrict harmful activities. Within the Edgeworth-Pigou orientation that dominated public fnance, the state was treated as a benevolent despot and public fnance economists were regarded as instructing that despot in how to promote the public good.
Buchanan began his scholarly career by wanting to transform the theory of public fnance in two ways. First, he wanted to place the theory of public fnance on an explanatory and not a hortatory footing. Rather than seeking to ofer instruction to governments about the merits of different fscal programs, Buchanan sought to orient public fnance toward explanatory questions. Rather than seeking to set forth maxims about how progressive an income tax should be, Buchanan sought to explain how progressive an actual tax system is (Buchanan 1967) as that system is constructed through some political process. Second, Buchanan took substantively and not just formally the commonplace assertion that democracy is a system of “self-governance.” Democracy might be a system where people govern themselves, but it could also be a system where an elite few govern the numerous masses (Michels 1962; Mosca 1939).
For instance, within a market system the pattern of production might be directed by corporate managers or it might be directed by
consumers. As a formal matter, production is always directed by managers, for it is they who direct corporate afairs. As a substantive matter, sufciently intense competition among corporations can transform managers into servants of consumers. Te economic theory of free and open competition describes how this transformation takes place. In contrast, the economic theory of regulation explains how regulation can transform managers from servants into masters. In similar fashion, democracy might be a system of government that transforms politicians and bureaucrats into servants of the citizenry or it might be one that enables them to act as masters over the citizenry. Which is the case in both markets and politics depends signifcantly on the openness and the competitiveness of any system of democratic political economy, as Buchanan was to uncover and elaborate throughout his career.
In his rational reconstruction of Buchanan’s body of scholarly work, Richard Wagner (2017) described Buchanan at the end of his scholarly career as a giant oak tree whose scholarly oeuvre sprang from a sapling he planted in 1949 with his frst scholarly paper, “Te Pure Teory of Public Finance,” which he published in the Journal of Political Economy. In that paper Buchanan explained that a theory of public fnance must rest on some form of political theory, for which he saw two options. One option was the prevailing organismic theory that treated the state as some action-taking entity, and with the democratic version of this theory being grounded in benevolent despotism. Te other option, the uncovering and exposition of which Buchanan dedicated his scholarly career, was an individualistic theory of democratic political economy. By this individualistic theory, Buchanan took substantively and not just formally the assertion in the American Declaration of Independence that governments derive their just powers from the consent of the governed. As a purely formal matter, any democratic form with universal franchise must refect the consent of the governed, for consent ipso facto resides in the democratic form. As a substantive matter, however, democracies can entail a good deal of duress and force, like the ability of regulation to transform corporate managers from servants of consumers into masters. In his initial scholarly paper, Buchanan (1949) planted the sapling from which his entire body of scholarly work was to spring.
Buchanan sought to place public fnance on an explanatory footing, and to do so in a way that was substantively consonant with the image of democracy as a political system where people truly governed themselves. Te frst of the several scholarly challenges he faced was how to move theoretically speaking from individual desires to collective actions. Democratic actions entail transformation of a “you” and “me” into a “we.” A kidnapper and his victim are a plurality, but they do not comprise a “we.” Tey remain a “you” and a “me.” To become a “we” requires consent among the people included within that designation. Tis recognition led Buchanan to explore the properties of diferent institutional arrangements for taking collective action, with those various arrangements difering in their ability to refect consensus among the governed. Te theory of public choice thus emerged as one major scholarly branch within Buchanan’s oak tree.
Without some framework of rules to constitute a group, a group is but a mob (Munger and Munger 2015). Tis recognition led Buchanan to emphasize the constitutional framework by which some collection of people govern themselves. Te feld of inquiry now known as constitutional political economy emerged out of Buchanan’s explorations into alternative rules by which groups might be constituted. It should be noted that constitution does not refer only to some national level of government. It refers to any group that must operate through formal procedures. Te people who comprise a legislative assembly are likewise just a mob until they acquire organization, rules of procedure, and the like. Constitutional political economy thus emerged as another major branch within Buchanan’s scholarly oeuvre.
Starting with his doctoral dissertation, federalism was of especial interest throughout Buchanan’s career. Most people live inside the territory occupied by several governments and not just one government. One line of thought presents federalism as a system of government that preserves liberty when compared with a system where people face only a single government. An alternative line of thought leads one to wonder just how it might be benefcial, or to whom it might be benefcial, to face a multitude of governments rather than facing just one government. Troughout his career, Buchanan recurred to federalism as a constitutional arrangement of governments and did so with enough verve
and energy to render federalism another major branch of inquiry on his scholarly tree.
A person at an advanced age can rationally invest in planting a forest even if he or she cannot reasonably expect to be around when the trees are harvested. What makes this action rational is the existence of private ownership over the trees. A person who fails to maintain the forest will fnd the value of the forest falling even if that loss rests with heirs. Most economic action entails acting today with consequences borne tomorrow or the day after tomorrow. Private property is an institutional arrangement that efectively collapses time, meaning that bad decisions today that don’t manifest until later will rest on the person who made the decision. Public debt raises similar issues within democracies, and this was a recurring theme throughout Buchanan’s career. It is easily understandable why politicians like to spend more than the like to tax. Tat public debt enables politicians to do this by shifting costs from present to future taxpayers was a recurring theme in Buchanan’s work.
Buchanan was an energetic and articulate proponent of the classical liberalism that informed the American constitutional founding. According to the Declaration of Independence, Americans were entitled to life, liberty, and the pursuit of happiness. Te concept of entitlement has undergone enormous transformation since the late eighteenth century. As an economic-theoretic proposition, any statement that can be made about the product side of the market entails a complementary statement about the factor side of the market. Te Herbert Hoover aphorism about guaranteeing a chicken in every pot was a product-market statement that in turn would require some such factor market statement as a requirement that able-bodied people be conscripted one day per month to work on chicken farms. Most theorists of liberty emphasize liberty, as did Buchanan, but Buchanan also paid considerable attention to personal responsibility. Te relationship among liberty, responsibility, and entitlement formed another major branch on Buchanan’s scholarly oak tree.
Te relationship among liberty, responsibility, and entitlement led Buchanan into exploring a variety of topics in ethics, social philosophy, and political economy. A good deal of this work concerned the several faces of equality. For the moist part these days, equality is understood in
simple materialist terms of how much income or wealth diferent people have. Buchanan’s approach to equality was more nuanced than simple measures of income or wealth would allow, for it also entailed considerations regarding how people attained their positions. Buchanan had no objection to people enjoying great commercial success. One of the virtues of liberally organized societies was the scope it gave for people to pursue their dreams in ways that captured their imaginations, and which led many of them into commerce and industry. For Buchanan, equality was more about opportunity than about outcome. In this respect, Buchanan was opposed to unlimited inheritance, while also supporting some measure of progressive taxation. Te framework inside of which he did this, however, was one that sought to secure consensus among participants, as against some set of rulers imposing their vision on everyone else. On this as on everything else, Buchanan was a genuine democrat in that he took the ideology of democratic self-governance as substantive and not just formal.
Te essays in this volume refect the breadth and the depth of Buchanan’s contributions to political economy and social philosophy. Buchanan started with a simple question: what would be the contours of a theory of public fnance that was written to refect a self-governing republic? In wrestling with his animating question, Buchanan penned a vast body of work that originated in developing an alternative orientation toward public fnance, leading to the development of public choice theory during the latter part of the twentieth century.2 Buchanan’s approach to democratic governance led to his recognition of the vital signifcance of the institutional and constitutional frameworks that governed human interaction.
Te essays in this book are presented in seven parts, and with the variety of these parts refecting the wide-ranging character of Buchanan’s thought. While these essays are written by people who admired and learned from Buchanan’s work, these are not essays in hagiography.
2Between 1999 and 2002, Liberty Fund collected and published Buchanan’s work in 20 volumes. While that collection included most though not all of Buchanan’s published work to that time, Buchanan continued to publish after 2002, and even had several items published after his death in 2013.
Tey are essays that explore various questions and topics that interested Buchanan. A good number of these explorations have critical overtones, but most signifcantly they build upon lines of inquiry to which Buchanan contributed.
Te volume starts with fve essays that treat subjectivism and the methodology of political economy. Te signifcance of methodology should not be underappreciated. In political economy we refer repeatedly to such objects as “market” and “state.” Tese are objects that no one has seen or can see. To the contrary, these are objects that we construct through our theories. Sure, we can see a place of business or an executive mansion. In doing that we see only a piece of our object of interest. Te only way we can see the entire object is through prior theoretical construction, which renders methodology a vital and not an ancillary aspect of scholarship in political economy.
Part II contains eight essays that explore aspects of Buchanan’s recognition that an explanatory theory of public fnance must connect with some theory of the state. Tere is a rhyme and a reason to the actions that political entities undertake, and it is the understanding and the explaining of those actions that is the object of the explanatory theory of public fnance that represented the sapling Buchanan planted in 1949.
Te ten essays in the third section recognize that collectives cannot act as such, because action is a property of the individuals who constitute a collectivity. For collective action to occur, the relevant collection of persons must be constituted through some set of rules that specify and limit the types of actions that diferent participants can undertake. Five hundred people might comprise a parliamentary assembly, but that assembly cannot act as if it were a person. It can act only through institutionally-governed interaction among members of the assembly.
Te eight essays in the fourth section treat ethics and social philosophy in relation to a liberal scheme of political economy. Buchanan was clearly liberal in his normative orientation. Tis orientation might be thought to entail recognition that social relations should be among equals and not among masters and servants. Tis dichotomy, however, is not a simple one to maintain. Te leader-follower relationship is alive in society, which means in turn that authority exists within societies.
Recognition of authority raises some vexing questions that attracted Buchanan and also the authors in this section.
Buchanan was at his core an economic theorist. But there are diferent forms of economic theory and so diferent ways of being an economic theorist. Perhaps the pithiest piece in Buchanan’s oeuvre was a one-pager titled “Order Defned in the Process of its Emergence.” Tis is subjectivist to the core. Te eight essays in the ffth section contrast economics as social theory with economics as a science of rational action. Perhaps nowhere is Buchanan’s subjectivist orientation toward economic theory more evident than in Cost and Choice, published in 1969.
Te fve essays in the sixth section refect Buchanan’s interests in money and debt in relation to liberal presumptions in favor of a rule of law. Buchanan’s concern with money and debt has little connection with macroeconomic theory and policy. Buchanan did not view money and debt as instruments for macroeconomic management. To the contrary, Buchanan viewed money and debt as part of the constitutional background of a liberal political order. Tis orientation toward money and debt hearkens back to the American Constitution where the monetary power of the federal government was located as a facet of maintaining the system of weights and measures that are vital to a system grounded in a genuine rule of law.
Te fve essays in the seventh and fnal section explore Buchanan’s thought in relation to some other signifcant fgures within Buchanan’s extended present (Boulding 1971). To be sure, several of the preceding essays also examine historical fgures, but those examinations are woven into narratives that are not focused directly on those fgures. Two of these fve essays examine the Italian infuence on Buchanan, and two examine the relationship between Buchanan’s work and that of Vincent Ostrom, whose own body of work mirrored that of Buchanan in many ways. Te fnal essay probes the place of Frank Knight within Buchanan’s scholarly orientation.
Te authors of these essays are a mixture of established and beginning scholars. Most of the established scholars knew Buchanan, some well, during his lifetime. Most of the beginning scholars knew Buchanan only through his writing, though some of them had brief contact with him late in his life. In any case, my efort to assemble this collection
of old and new thinkers aims to convey both a sense of the signifcance Buchanan’s work provided for scholars during the primes of their scholarly careers and of the inspiration that his work provides to young scholars now seeking to make their way in the scholarly world.
References
Boulding, K. E. (1971). After Samuelson, Who Needs Adam Smith? History of Political Economy, 3, 225–237.
Buchanan, J. M. (1949). Te Pure Teory of Government Finance: A Suggested Approach. Journal of Political Economy, 57, 496–505.
Buchanan, J. M. (1967). Public Finance in Democratic Process. Chapel Hill: University of North Carolina Press.
Buchanan, J. M. (1969). Cost and Choice. Chicago: Markham.
Edgeworth, F. A. (1897). Te Pure Teory of Taxation. Economic Journal, 7, 100–122.
Johnson, M. (2014). James M. Buchanan, Chicago, and Post War Public Finance. Journal of the History of Economic Tought, 28, 57–79.
Meadowcroft, J. (2011). James M. Buchanan. London: Continuum.
Michels, R. (1962). Political Parties: A Sociological Study of the Oligarchical Tendencies of Modern Democracy. New York: Collier Books. Mosca, G. (1939). Te Ruling Class. New York: McGraw-Hill.
Munger, M., & Munger, K. M. (2015). Choosing in Groups. Cambridge: Cambridge University Press.
Pigou, A. C. (1928). A Study in Public Finance. London: Macmillan.
Reisman, D. A. (1990). Te Political Economy of James Buchanan. Basingstoke: Macmillan.
Wagner, R. E. (2017). James M. Buchanan and Liberal Political Economy: A Rational Reconstruction. Lanham, MD: Lexington Books.
Part I
Subjectivism and the Methodology of Political Economy
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FOOTNOTES:
[1] The blaeberry is the English hert.
[2] My English readers ought to know that a bursary is a kind of scholarship, which not only entitles the holder to free education at the University, but to a sum of money paid annually during the whole four years’ curriculum.
[3] Now Sir W. D. Geddes of the Aberdeen University.
[4] Pronounced “shees.”
[5] This story is not imagination, but truth
[6] A kind of floury Scotch roll.
[7] Dulse is an edible seaweed much used in the North, and pepper dulse is a smaller seaweed with pleasant pungent flavour, that is eaten as a relish along with it.
[8] “How do all these vessels become derelicts, because I thought a ship was never deserted while she would float?” “No. When a ship has rolled her masts over the side, or gets leaking badly, or has a heavy list, or from a thousand and one other causes gets dangerous, her crew are frequently only too ready to leave her. There are some notable cases, and only just within the last week or two the Bahama, a fine large steel sailing vessel on her first voyage, was deserted in the Atlantic, and was sighted afterwards in an apparently seaworthy condition. But there is to be an inquiry into her case, so I will say nothing more about her, except that she is not yet charted, and is knocking about without lights, without foghorn, without anything in fact, a tremendous danger to navigation. Over and over again a crew has left a ship when another crew from the relieving vessel has stayed behind and brought the otherwise
derelict safely into port. Many of these derelicts, I should tell you, are waterlogged timber ships; and it may interest you to learn, while I think of it, that one of the United States vessels engaged in sinking derelicts is the old Kearsarge, who fought and sunk the Alabama in the English Channel.” Pall-Mall Gazette.
Typographical error corrected by the etext transcriber:
“your a thrifty lad."=> “you’re a thrifty lad.” {pg 218}
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