Politics as exchange: the classical liberal economics and politics of James M. Buchanan

@article{Gwartney2014PoliticsAE,
  title={Politics as exchange: the classical liberal economics and politics of James M. Buchanan},
  author={James D. Gwartney and Randall G. Holcombe},
  journal={Constitutional Political Economy},
  year={2014},
  volume={25},
  pages={265-279}
}
James Buchanan advocated the market mechanism for allocating resources because it is based on voluntary exchange. People engage in market transactions only when they believe they benefit from doing so. Buchanan depicted the political process the same way. People engage in collective activities to accomplish together ends that they would be unable to accomplish individually, or through bilateral exchange. Buchanan’s vision of politics as exchange is a normative framework for evaluating the rules… 
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