The subjectivist-contrarian position

James Buchanan endorses a radical version of subjectivism at several points in his body of work. I distinguish two distinct criteria for subjectivism in Buchanan. First, Buchanan rejects the realism of preferences, arguing that they serve only as an analytical tool for understanding choice. Second, Buchanan adopts an Austrian perspective inspired by Kirzner and Shackle on the importance of creativity. In addition to reconstructing Buchanan’s...