Buchanan on externalities: An exercise in applied subjectivism
Buchanan's work on the methodology of economics includes many references to externalities. Buchanan has emphasized that a subjective conception of economics, and a focus put on exchange rather than on choice, has implications on an analysis of externalities. In this paper, we analyze the reverse claim: Buchanan's views on externalities are a perfect illustration of his plea for subjectivism in economics, and the need to focus on economics-as-a-science-of exchange. We show that Buchanan's treatment of externalities was a “laboratory” for his claims and arguments about subjectivism.
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- Charles M. Tiebout, 1961. "An Economic Theory of Fiscal Decentralization," NBER Chapters, in: Public Finances: Needs, Sources, and Utilization, pages 79-96 National Bureau of Economic Research, Inc.
- Charles W. Baird, 1989. "James Buchanan and the Austrians: The Common Ground," Cato Journal, Cato Journal, Cato Institute, vol. 9(1), pages 201-230, Spring/Su.
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- Alain Marciano, 2010. "Why markets do not fail. Buchanan on voluntary cooperation and externalities," Center for the History of Political Economy Working Paper Series 2010-05, Center for the History of Political Economy.
- Buchanan, James M, 1988. "Contractarian Political Economy and Constitutional Interpretation," American Economic Review, American Economic Association, vol. 78(2), pages 135-39, May.
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