The Political Economy of the Welfare State

Professor James Buchanan received the Prize in Economic Science in Memory of Alfred Nobel in 1986. As part of the established tradition IUI and the Federation of Swedish Industries invited him back to Sweden to give a lecture on a topic of his choice. We are happy to publish the lecture presented at the IUI on August 28, 1987. The "Political Economy of the Welfare State" is the topical theme for a number of industrial nations, but perhaps most particularly so for Sweden.