Article
James M. Buchanan: Through an Austrian Window
Rev Austrian Econ
(2014)
Abstract
This tribute to the late James Buchanan is an elaboration of themes he developed on the importance of processes in real, experienced time, especially for individual choice. The conventional way of modeling choice is to think of it as the solution to a constrained maximization problem. If, however, we look at choice as a process in time it is inseparable from the evolution and self-development of the individual. Preferences emerge in the process of their becoming. The fundamental characteristic of choice is thus the expression of autonomy and not the satisfaction of given preferences. The implications of this for normative economics are explored.
Keywords
- choice,
- utility function,
- Revealed preference,
- Preference satisfaction,
- autonomy
Disciplines
Publication Date
February 1, 2014
DOI
10.1007/s11138-014-0260-1
Citation Information
Mario J Rizzo. "James M. Buchanan: Through an Austrian Window" Rev Austrian Econ Vol. 27 (2014) p. 135 - 145 ISSN: 1573-7128 Available at: http://works.bepress.com/mario_rizzo/45/