The Review of Austrian Economics, 15:2/3, 111–119, 2002. c 2002 Kluwer Academic Publishers. Manufactured in The Netherlands. PETER J. BOETTKE James M. Buchanan Center for Political Economy, George Mason University EDWARD J. LOPEZ Department of Economics, University of North Texas Abstract. In this introduction, we will ﬁrst discuss the methodological afﬁnities between the market process and public choice approaches to political economy, and then suggest that because of these afﬁnities market process scholars should feel at home using public choice analysis to study politics, and public choice scholars should feel at home using market process analysis to study the economy. In a fundamental sense, public choice theory refers to the application of the economic way of thinking to study the political process. The economic way of thinking deals with individual decision-making, and exchange relationships in a variety of social settings. Mises is arguably the ﬁrst scholar to champion a uniﬁcation of the social sciences by way of a common rational choice model. And, Hayek should be recognized as one of the forerunners of the economics of politics with his The Road to Serfdom (1945) and constitutional political economy with his The Constitution of Liberty (1960). Furthermore, Buchanan and Tullock’s
The Review of Austrian Economics – Springer Journals
Published: Oct 18, 2004
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