COST AND CHOICE: INQUIRY IN ECONOMIC THEORY
James M. Buchanan
"As
he usually does, Professor Buchanan has produced an interesting and provocative
piece of work. [Cost and Choice] starts off as an essay in the history of cost
theory; the central ideas of the book are traced to Davenport and Knight in the
United States, and to a series of distinguished writers associated at various
times with the London School of Economics. The author emerges from this
discussion with what can be described as the ultimate in subjectivist cost
doctrines. . . . Economists should learn the lessons offered to us in this
little book and learn them well. It can save them from serious
errors." William J. Baumol,Journal of Economic Literature.