Everything about Virginia School Of Political Economy totally explained
The
Virginia school of political economy is a term applied to a school of economic thought centred on universities in
Virginia, most notably
George Mason University,
Virginia Tech, and the
University of Virginia, and mainly focusing on
public choice theory and
law and economics. Prominent economists identified with the school include
Walter E. Williams,
James M. Buchanan,
Gordon Tullock and
G. Warren Nutter. It is also appropriate to include
Ronald Coase, as he was central in developing the Virginia school research program of comparative institutional analysis.
The Virginia approach to political economy focuses on comparing private and public sector institutions as imperfect alternatives. The Virginia approach is also favored by some economists of the Chicago-UCLA and Austrian schools.Conversely, Virginia School economists tend are often seen as 'fellow travelers' with the Austians.
There are several main lines of research in the Virginia School. James Buchanan and Gordon Tullock founded economic analysis of constitutions. Tullock also founded the modern
rent seeking literature. Mancur Olson founded modern research on collective action and special interest groups. Olson wasn't at GMU, Virginia, or Virginia tech, but Virginia scholars tend to emphasize special interest group bias in government. Coase founded the modern Law and Economics literature and the modern transaction cost theory of organization.
The Public Choice Society and The International Society for New Institutional Economics are outgrowths of the Virginia School.
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