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Minsk Travel on His 1962 book The Calculus of Consent written with Gordon Tullock, bridged a gap between economics and politics, by initiating a research field—public choice—that encompasses the economic analysis of political decision-making. Public finance, as taught in the 1950s, assumed a social welfare function that needed to be maximized by the government as if by a benevolent dictator. This, according to Buchanan, trivialized economics as mathematical maximization exercises based on a suspect assumption, an aggregate measure of social welfare, and took economics away from its political economic roots. Policies based on this premise often have costly unintended consequences for both economic WELFARE and democratic institutions. Buchanan, a student of Frank KNIGHT, offered an alternative perspective, which has come to be known as neo-institutionalism that is entwined with public choice, law and economics, and the economics of property rights. The central focus of this perspective is rooted in Adam SMITH’s concept of mutually beneficial exchanges. Efficiency in voluntary exchange transactions is realized because markets allow an institutional framework for individuals to engage in mutually beneficial behavior. Minsk Travel 2016.

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