Buchanan, Hayek, and the Limits of Constitutional Ambitions

James Buchanan shared with F.A. Hayek a deep appreciation of the market as a creative discovery process. Like Hayek, Buchanan understood that the results of market processes are ever-changing, highly complex, and cannot possibly be consciously planned. Yet while Buchanan also shared Hayek’s commitment to classical liberalism—both normatively and as supplying a framework for research—Buchanan rejected Hayek’s thoroughgoing ‘evolutionary’ perspective. Unlike Hayek, Buchanan believed that human beings could and should—in an appropriately structured setting for social contracting—…

Read the Full Article here: >Mercatus Center