Quote of the day
In the past the man has been first; in the future the system must be first. This in no sense, however, implies that great men are not needed. On the contrary, the first object of any good system must be that of developing first-class men
James M. Buchanan
Born: October 3, 1919
Died: January 9, 2013 (aged 93)
Bio: James McGill Buchanan, Jr. was an American economist known for his work on public choice theory, for which he received the Nobel Memorial Prize in 1986.
Known for:
- The Calculus of Consent
- Democracy in Deficit
- The demand and supply of public goods
- What should economists do?