Philanthropic Career

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James Buchanan developed a theory of political decision making and public economies - what he terms "public choice theory." Traditional economic theory explains in great detail how consumers and entrepreneurs make decisions regarding purchase of goods, choice of work, production, investments, etc. Buchanan developed a corresponding theory of decision-making in the public sector. To Buchanan, the political process thus becomes a means of cooperation aimed at achieving reciprocal advantages, and he believes outcomes are to a large extent determined by established political constellations.