Political Economy
of the Welfare State

By James Buchanan
Dec. 1988
Almqvist & Wiksell
ISBN: 91-7204-296-6
32 p.
$22.50 Paper Original

James Buchanan received the Prize in Economic Science in Memory of Alfred Nobel in 1986. He received it "for his development of the contractarian and constitutional foundations for the theory of economic and political decision making".

This pioneering work has opened up a new field of research, now generally known as Public Choice or "the new political economy".

Its chief contribution is the extension of traditional micro-economic theory to the analysis of resource allocation through the political process. It has provided a positive theory of how the political system, public administration and interest organizations actually work, instead of a normative theory of how they should work.

Health & Welfare
Political Science

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