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When was the Nobel Memorial Prize in Economic Sciences awarded to Buchanan?
1989
1990
1986
1992
Answer
James McGill Buchanan won the Nobel Memorial Prize in Economic Sciences in 1986 for his work in public choice theory. Public choice theory is the study of how political decisions are made and how they affect economic outcomes. Buchanan's work showed that government policies can have unintended consequences, and that it is important to consider the incentives of policymakers when making decisions.
The Mind of Economics: Unleashing the Legacy of James M. Buchanan
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