JAMES M. BUCHANAN JR.

An American economist and recipient of the 1986 Nobel Memorial Prize in Economics for his work on public choice theory, which is applicable to the political decision-making and public economics. Buchanan wrote the book "The Calculus of Consent" with fellow economist Gordon Tullock. He became a members of the Board of Advisors of The Independent Institute, a distinguished senior fellow of the Cato Institute. He also taught at Virginia Polytechnic Institute and George Mason University.