Gordon Tullock is an economist and professor emeritus of Law and Economics at George Mason University, and is best known for his work on public choice theory.

James Buchanan is a Nobel Prize winning economist who is also widely recognized for his work in the field of public choice theory and constitutional economics.

Tullock and Buchanan co-authored The Calculus of Consent: Logical Foundations of Constitutional Democracy in 1962. In it, they laid the groundwork for what is today known as public choice theory — the application of economic thinking to political issues.

In this lecture, given to mark their book’s 25th anniversary in 1987, Tullock and Buchanan talk about the impact of The Calculus of Consent on political and economic academia. Richard E. Wagner, currently the director of economics graduate programs at George Mason University, also comments.