Most transport planners will have heard of, if not read, the ‘Buchanan Report’. But I wonder how many will be reflecting on the passing away on 9 January of the other Buchanan who contributed the basic principle of rational transport pricing.
James Buchanan was a distinguished proponent of public choice economics and, early in his career, turned his attention to public taxation and roads. He convincingly demonstrated that differential pricing was the most efficient way of dealing...
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