Write a short biography on James McGill Buchanan, an analysis of his Essay

Write a short biography on James McGill Buchanan, an analysis of his economic theories, and his contributions to the welfare of society - Essay Example He was also, in 1963, at the senior most position at the Southern Economic Association; shortly after, in 1971, at the American Economic Association he served as vice president, and then for two years, 1983 and 1984, in a similar position at the Western Economic Association (â€Å"James M. Buchanan†). Buchanan coauthored ‘The Calculus of Consent’ with Gordon Tullock as one of the products of thinking cultivated by reading a German article by Knut Wicksell, a Swedish economist(DiLorenzo 180). Wicksell was of the idea that the benefits taxpayers received should be directly linked to the taxes they pay. This implied that taxes and government spending would be agreed upon and validated, as opposed to the conventional view of the 1940s and even the current view. The book ‘The Calculus of Consent’ revised Wicksell’s idea, and referred to it as ‘workable unanimity’, as they thought it impractical. This together with ‘The Economics of Democracy’, a book by Anthony Down, gave birth to the field of public choice. Buchanan and Tullock even went on to initiate an academic journal- Public Choice. At this time, he raised dissimilarity between two levels of public choice; the first being during the making of the constitution and the second being after the constitution has been implemented. He has attempted to convert his fellow economists to this line of thinking, where they should focus more on the first level rather than on the second level as mere political players. To push this ideology farther, he published a journal- Constitutional Economics (â€Å"James M. Buchanan†). Buchanan also believed that welfare economics is skewed as costs are subjective. He pointed this out in an unusually ardent economics book- Costs and Choice. This was the book that he considered most essential yet to the Nobel Committee it was ‘The Calculus of Consent’. In the book, Buchanan’s aim

Marketing Management Essay Example | Topics and Well Written Essays - 250 words - 9

Marketing Management - Essay Example Despite its effectiveness, Warfarin monitoring is a major drawback, whereby blood is tested to determine international normalised ratio (INR) for proper dosage. This makes the process of administering the drug slow and thus its effect on an individual takes time. Research shows that increased intake of Warfarin causes a decrease in bone density, which eventually leads to osteoporoses. Pharmaceutical company Boehringer Ingelhiem have solved some of the problems caused by Warfarin with the introduction of Pradaxa. Mueller states, â€Å"Pradaxa is an oral drug that is unique in that it blocks the protein clotting thrombin† (Mueller, web). Its approval by US Food and Drug Administration (FDA) for prevention of stroke in patients with non-valvular atria fibrillation was also a major development. Pradaxa blood thinner does not require frequent monitoring for (INR) but offers good results in terms of efficacy. Though Pradaxa costs ten times more than Warfarin, the cost of monitoring required in Warfarin makes it more expensive than Pradaxa. One major disadvantage of Pradaxa is that its blood thinning effect cannot be reversed once administered unlike in Warfarin which is reversible. Since Pradaxa contains tartaric acid, it lowers the PH levels of Patients under it and in return leads to increased gastrointestinal bleeding. Approval of Xarelto by Bayer Company will be a further improvement of Warfarin and Pradaxa. Research shows that Xarelto does not need monitoring or dose adjustments, it can be used across all ages, and it is a non-inferior and has a superior efficacy. However there is increased bleeding in Xarelto