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B Law 311 Notes (4)
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Constitutional economics is a field of economics and constitutionalism which describes and analyzes the specific interrelationships between constitutional issues and the structure and functioning of the economy. The term “constitutional economics” was used by American economist – James M. Buchanan – as a name for a new academic sub-discipline. Buchanan received in 1986 the Nobel Prize in Economic Sciences for his “development of the contractual and constitutional bases for the theory of economic and political decision-making.”[15] Buchanan rejects “any organic conception of the state as superior in wisdom, to the individuals who are its members.” This philosophical position is, in fact, the very subject matter of constitutional economics.

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