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Article
Publication date: 1 July 1987

Giuseppe Eusepi

Why do we need a third revolution in economics? As a starting point it must be noticed that every school has its own methodology and ideology. Its characteristic is to deal with…

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Abstract

Why do we need a third revolution in economics? As a starting point it must be noticed that every school has its own methodology and ideology. Its characteristic is to deal with one single problem which, right or wrong, is considered fundamental. Sometimes the importance of a school lies in the problem raised rather than in the answers given to such a problem.

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International Journal of Social Economics, vol. 14 no. 7/8/9
Type: Research Article
ISSN: 0306-8293

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Publication date: 2 December 2021

Richard E. Wagner

I have been asked to explore how James Buchanan’s work on public finance and constitutional political economy might have emerged out of themes present in Frank Knight’s oeuvre

Abstract

I have been asked to explore how James Buchanan’s work on public finance and constitutional political economy might have emerged out of themes present in Frank Knight’s oeuvre, especially his Risk Uncertainty, and Profit. Buchanan’s body of work has inspired the development of a style of political economy sometimes described as Virginia or Constitutional Political Economy to distinguish it from the Chicago Political Economy with which George Stigler is associated, and with Stigler and Buchanan both being students of Knight. While Buchanan, unlike Stigler, did not write his dissertation under Knight’s supervision, this is a minor distinction because Buchanan regarded Knight as his de facto supervisor even though Roy Blough was his de jure supervisor. The author explains how Knight’s scholarly oeuvre can in large measure be detected in Buchanan’s effort to fashion an alternative approach to public finance and to articulate the field of study now called constitutional political economy.

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Research in the History of Economic Thought and Methodology: Including a Symposium on Frank Knight's Risk, Uncertainty and Profit at 100
Type: Book
ISBN: 978-1-80071-149-5

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