Buchanan and Bloomington

Abstract

Elinor Ostrom (2011) describes the work of James Buchanan as “foundational” to the Bloomington approach to political economy. This chapter explores the relationship between Buchanan’s “Virginia School” approach to that of the Bloomington School. We examine the foundational role of the Calculus of Consent, both in inspiring Vincent Ostrom’s Political Theory of a Compound Republic and as a key component of the Institutional Analysis and Development framework. We then outline other important connections and areas of overlap between the two schools of thought, such as self-governance and polycentricity.

Keywords: Bloomington School, Buchanan, Constitutional Political Economy, Institutional Analysis, Ostrom, Public Choice

JEL Classification: B2, B25, B31