GMU's First Nobel Prize Winner James Buchanan Dies at 93

George Mason University's first Nobel laureate died Wednesday at the age of 93.

Economist James M. Buchanan taught at University of Virginia and Virginia Tech. He joined GMU's faculty in 1983.

Buchanan received the Nobel Prize in Economic Science in 1986. His research asserted that politicans act out of self-interest despite constituent concerns.

Here's an excerpt from The Washington Post obituary on Buchanan:

"In simplified form, Dr. Buchanan applied the principles of the economic marketplace to politics. He argued that politicians and government officials — like other participants in an economic system — acted in their own self-interest. Since the policymakers’ goal was to be reelected or maintain power, they did not always act in the best interest of the public, or at least of public finances."

Click here to read the full obituary.

Check out Buchanan's GMU profile here.