James M. Buchanan himself speaks of "my little book, Cost and Choice." Cost and Choice is indeed small in size, but, systematically, it holds quite a central place in Buchanan's work. For the fundamental economic notion of "cost," or "opportunity cost," is intimately related to the individualist and subjectivist perspective that is so essential to the Buchanan enterprise. As a subjectivist, Buchanan insists that opportunity costs exist only in the "eye of the beholder" as envisioned "alternatives" that are never brought into existence. As a methodological individualist, Buchanan believes that opportunity costs cannot be measured in terms of a collective welfare functional aggregating utility foregone across persons. MORE

Nothing is more apt to surprise a foreigner, than the extreme liberty, which we enjoy in this country, of communicating whatever we please to the public, and of openly censuring every measure, entered into by the king or his ministers. If the administration resolve upon war, it is affirmed, that, either wilfully or ignorantly, they mistake the interests of the nation, and that peace, in the present situation of affairs, is infinitely preferable. If the passion of the ministers lie towards peace, our political writers breathe nothing but war and devastation, and represent the pacific conduct of the government as mean and pusillanimous. As this liberty is not indulged in any other government, either republican or monarchical; in Holland and Venice, more than in France or Spain; it may very naturally give occasion to a question, How it happens that Great Britain alone enjoys this peculiar privilege? READ MORE