The problem of low expectations and the principled politician

Abstract Nobel laureate James Buchanan downplays any theory of ethical politicians, focusing instead on rules which economize personal restraint, setting lower moral expectations. Through a constructive critique of James Buchanan’s work, I argue these lowered expectations come at a cost: degraded character in politicians, leading to constitutional decay. Buchanan lacks a theory to address choices between (a) action which furthers the politician’s self-interest and (b) action which protects some already accepted, good rule, but which does not further their self-interest. I generate a theory of the Principled Politician, an agent characterized by a prior commitment to fair play.