The individualist nature of opportunity cost.James Buchanan argued that opportunity cost is subject to the perspective of the individual.

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Universally respected as one of the founders of the “public choice” school of economics, James Buchanan is the author of numerous books and hundreds of articles in public finance, public choice, constitutional economics, and economic philosophy. While he may be best remembered for works such as The Calculus of Consent and The Limits of Liberty, we mustn’t forget his critical contributions elsewhere.

Buchanan’s groundbreaking work in Cost and Choice explores opportunity cost theory in a revolutionary way. Though the Austrian School of economists enunciated similar views of cost decades before Buchanan, he advances his theories by attempting to integrate his views into the orthodox classical and neoclassical framework.

We believe this text to be vital in the study and discussion of economics and human decision-making. As such, we offer Cost and Choice at 50% off through the end of August when you use promo code “CHOICE50” at checkout.
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IN-DEPTH

Cost and Choice:
An Inquiry in Economic Theory
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Six Degrees of Jim Buchanan
Greg Weiner

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Cost and the Agony of Choice
Steven Horwitz

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James Buchanan: An Assessment
Geoffrey Brennan

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A Conversation with James M. Buchanan

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