When a Nigerian gifts us his estate over email, we tell him: “Thanks, but no thanks!” We know that there are no such easy solutions to our personal woes. But, when an ex-army truck driver claims that he has found the solution to a nation’s woes, even otherwise sane men think that they have found their Messiah. It feels so good because in politics and religion, people refuse to use their mind.
James M. Buchanan, who died yesterday, won Nobel Prize in economics in 1986 for his work in “Public choice theory”, applying this insight to politics.Buchanan was right when he said that public choice theory is “politics without romance”. Public choice theory applies the tools of economics to politics. Public choice theory sees politicians, bureaucrats and people as they are, without any romantic illusion.
Read Politics Without Romance in Business Standard.