Demand and Supply of Public Goods

Public-goods theory constituted a major element in James M. Buchanan’s research agenda throughout the 1960s. The Demand and Supply of Public Goods is a major part of that work.

At the time that Buchanan was elaborating on his theories of public goods, the prevailing trend in public economics was the emergence of public-expenditure theory, which attempted to form a comprehensive theory of the state around the notion of market failure.

The Demand and Supply of Publi…