ECONOMICS: Lives of Spirit and Dedication

The world pays tribute to eleven who stirred emotions and laid foundations ECONOMICS

Economists have traditionally shied away from theorizing about the public arena, ceding the terrain to political scientists. But not James McGill , Buchanan. He reasons that politicians and public servants act primarily to promote their own self-interest, not to serve some higher public good. They behave, he declares, much like consumers in a marketplace. For work stemming from that basic theory of political economy, Buchanan, 67, last week won the 1986 Nobel Prize for Economic Science. The Tennessee-born professor at George Mason University in Fairfax, Va., is the 14th American to win the economics award since it was first given in...

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