Cost and Choice: An Inquiry In Economic Theory.

BUCHANAN, James M.

Item Number: 3387

Chicago: Markham Publishing, 1969.

First edition of the economist’s classic work on cost and choice. Octavo, original cloth. Inscribed and dated by the author on the title page. Bookplate to the inner gutter, near fine in a very good dust jacket.

"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).