“One of the most exciting intellectual moments of my career was my 1948 discovery…” — James M. Buchanan

The eighteenth century discovery that, in an institutional framework that facilitates voluntary exchanges among individuals, this process generates results that might be evaluated positively, produced 'economics,' as an independent academic discipline or science.

In 1987, the United States celebrates the bicentennial anniversary of the constitutional convention that provided the basic rules for the American political order. This convention was one of the very few historical examples in which political rules were deliberately chosen.