Which economist won the 1986 Nobel Prize in Economics for public-choice theory?

James M. Buchanan Jr. won the 1986 Nobel Prize in Economics for developing the contractual and constitutional bases of the theory of economic and political decision-making.

Buchanan was a leading figure in public-choice theory, which applies economic reasoning to politics. The approach studies voters, politicians, bureaucrats, and government institutions as decision-makers facing incentives and constraints.

His work questioned the assumption that governments automatically act as neutral guardians of the public interest. Buchanan emphasized constitutional rules and voluntary agreement as ways to examine collective decisions.

Buchanan received the prize alone in 1986. He taught at Virginia Polytechnic Institute and State University and later at George Mason University.