The Constitutional Economics of the Natural Rights Constitution

Abstract

Introduction: The late James Buchanan, a professor of constitutional economics, at George Mason University, explained the relationship between a nation’s rate of economic growth and the institutional rules that govern financial transactions in a free competitive economy.

It was clear from his entire contributions that he believed that there was a single configuration of constitutional rules that would lead society to a social optimum rate of welfare.

While his work hinted at what this specific constitutional framework looked like, he never wrote out his entire constitution.

This article extends Buchanan’s work by placing his theoretical framework into a natural rights constitution.

The single constitutional configuration that leads to maximum economic welfare begins by protecting the natural rights of citizens to pursue happiness.

Keywords: economic growth, constitutional rules, James Buchanan, natural rights republic