James M. Buchanan
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| - | [[Why I Am Not a Conservative]] () is a text by [[Friedrich Hayek ]]. | ||
| - | Hayek received new attention in the 1980s and 1990s with the rise of conservative governments in the United States, United Kingdom and Canada. After winning the [[1979 United Kingdom general election]], [[Margaret Thatcher]] appointed [[Keith Joseph]], the director of the Hayekian [[Centre for Policy Studies]], as her secretary of state for industry in an effort to redirect parliament's economic strategies. Likewise, [[David Stockman]], [[Ronald Reagan]]'s most influential financial official in 1981, was an acknowledged follower of Hayek. | + | '''James McGill Buchanan Jr.''' (October 3, 1919 – January 9, 2013) was an American [[economist]] known for his work on [[public choice theory]] (included in his most famous work, co-authored with [[Gordon Tullock]], ''[[The Calculus of Consent]]'', 1962), for which he received the [[Nobel Memorial Prize in Economic Sciences]] in 1986. Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making. He was a member of the Board of Advisors of [[The Independent Institute]], a member (and for a time president) of the [[Mont Pelerin Society]], a Distinguished Senior Fellow of the [[Cato Institute]], and professor at [[George Mason University]]. |
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| - | Hayek wrote an essay, "Why I Am Not a Conservative" (included as an appendix to ''[[The Constitution of Liberty]]'') In it he disparaged conservatism for its inability to adapt to changing human realities or to offer a positive political program, remarking: "Conservatism is only as good as what it conserves". Although he noted that modern day [[conservatism]] shares many opinions on economics with classical liberals, particularly a belief in the [[free market]], he believed it is because conservatism wants to "stand still" whereas [[classical liberalism|liberalism]] embraces the free market because it "wants to go somewhere". Hayek identified himself as a classical liberal, but noted that in the United States it had become almost impossible to use "liberal" in its original definition and the term "[[Libertarianism in the United States|libertarian]]" has been used instead. In this text, Hayek also opposed conservatism for "its hostility to [[Internationalism (politics)|internationalism]] and its proneness to a strident [[nationalism]]", with its frequent association with [[imperialism]]. | + | |
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| - | Hayek also found libertarianism a term "singularly unattractive" and offered the term "Old [[British Whig Party|Whig]]" (a phrase borrowed from [[Edmund Burke]]) instead. In his later life, he said: "I am becoming a Burkean Whig". However, Whiggery as a political doctrine had little affinity for classical political economy, the tabernacle of the Manchester School and William Gladstone. His essay has served as an inspiration to other liberal-minded economists wishing to distinguish themselves from conservative thinkers, for example [[James M. Buchanan]]'s essay "Why I, Too, Am Not a Conservative: The Normative Vision of Classical Liberalism". | + | |
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| - | His opponents have attacked Hayek as a leading promoter of [[neoliberalism]]. A British journalist, [[Samuel Brittan]], concluded in 2010 that "Hayek's book [''The Constitution of Liberty''] is still probably the most comprehensive statement of the underlying ideas of the moderate free market philosophy espoused by neoliberals". Brittan adds that although [[Raymond Plant, Baron Plant of Highfield|Raymond Plant]] (2009) comes out in the end against Hayek's doctrines, Plant gives ''The Constitution of Liberty'' a "more thorough and fair-minded analysis than it has received even from its professed adherents". | + | |
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| - | In ''Why F A Hayek is a Conservative'', British policy analyst [[Madsen Pirie]] claims Hayek mistakes the nature of the conservative outlook. Conservatives, he says, are not averse to change, but like Hayek they are highly averse to change being imposed on the social order by people in authority who think they know how to run things better. They wish to allow the market to function smoothly and give it the freedom to change and develop. It is an outlook, says Pirie, that Hayek and conservatives both share. | + | |
| + | ==See also== | ||
| + | * [[Social contract]] | ||
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James McGill Buchanan Jr. (October 3, 1919 – January 9, 2013) was an American economist known for his work on public choice theory (included in his most famous work, co-authored with Gordon Tullock, The Calculus of Consent, 1962), for which he received the Nobel Memorial Prize in Economic Sciences in 1986. Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making. He was a member of the Board of Advisors of The Independent Institute, a member (and for a time president) of the Mont Pelerin Society, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University.
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