James M. Buchanan Laureate Interviews | UBS Nobel Perspectives

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Have you ever wondered how politicians take a decision? Do they always have the public's best interest at heart? Or do their own interests creep in and muddy the waters? Starting out as a public finance economist, James Buchanan was fascinated by this subject and soon strayed from traditional economics. He began to explore the way politicians make decisions on tax and spending in particular, and realized that ignoring human nature was the reason politics didn't always work as predicted.

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