Paperback
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"As he usually does, Professor Buchanan has produced an interesting and provocative piece of work. [Cost and Choice] starts off as an essay in the history of cost theory; the central ideas of the book are traced to Davenport and Knight in the United States, and to a series of distinguished writers associated at various times with the London School of Economics. The author emerges from this discussion with what can be described as the ultimate in subjectivist cost doctrines. . . . Economists should learn the lessons offered to us in this little book—and learn them well. It can save them from serious errors."—William J. Baumol, Journal of Economic Literature
About the Author
James M. Buchanan (1919-2013) was Professor Emeritus and Advisory General Director of the James Buchanan Center for Political Economy at George Mason University, where he also established the Center for the Study of Public Choice. He authored several books, including his most famous work, The Calculus of Consent, which he co-authored with Gordon Tullock. Buchanan was awarded the Nobel Prize in Economics in 1986 for his work in public choice theory.
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