Good interviews of Tullock and Buchanan

I just came across  2 superb interviews of Gordon Tullock and James Buchanan.

For the uninitiated they together led to the formation of a very interesting stream of Economics – Public Choice Theory

In particular, it studies the behavior of voters, politicians, and government officials as (mostly) self-interested agents and their interactions in the social system either as such or under alternative constitutional rules.

Buchanan given another view on migration:

If you have an area where high-income receivers concentrate, you have a higher fiscal capacity. That fiscal capacity is a valuable resource and will create rent-seeking. People will trying to get that resource one way or the other, including immigration. It is very much like the medieval peasants putting their sheep on the commons pasture. It is better than the open range, and if you let them have open access they will, in fact, put too many sheep on the pasture and waste the value that the pasture has. We want to limit the exploitation of the fiscal capacity of the richer regions by keeping down the rate of immigration to a level that would be meaningful and efficient. One way to do that is to have a scheme of equalization which essential bribes people to stay in the poorer regions.

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One Response to “Good interviews of Tullock and Buchanan”

  1. Applying Public Choice theory in real life « Mostly Economics Says:

    […] There is a popular stream of economics called Public Choice Theory that analyses the political developments in an economy.  It applies economic tools to understand the various issues within the political system. It studies the behavior of voters, politicians, and government officials and their interactions in the social system. The theory was developed by James Buchanan Jr.and Gordon Tullock (both of George Mason University) and former got a Nobel Prize for his effort in 1986. (I have pointed to their interviews here) […]

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