What is the name of Germany 's constitutional document which was made in 1949 ?
Buchanan received in 1986 the Nobel Prize in Economic Sciences for his “ development of the contractual and constitutional bases for the theory of economic and political decision - making . ” Buchanan rejects “ any organic conception of the state as superior in wisdom , to the individuals who are its members . ” This philosophical position is , in fact , the very subject matter of constitutional economics .