c) James M. Buchanan Jr.

JJames M. Buchanan Jr., an economist known for his work on public choice theory, made significant contributions to the understanding of political decision-making processes and economic theory. Public choice theory applies economic principles to political science, analyzing how self-interest and non-economic factors influence government decisions. Buchanan’s work challenged traditional views of public-sector altruism, suggesting that like market participants, political officials and bureaucrats are driven by personal incentives. This perspective shed light on government inefficiencies and the complexities of policy-making, influencing both economics and political science. Buchanan’s insights earned him the Nobel Prize in Economic Sciences in 1986.