Constitutional economics is a research program in economics and constitutionalism that has been described as extending beyond the definition of "the economic analysis of constitutional law" in explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents." This is distinct from explaining the choices of economic and political agents within those rules, a subject of "orthodox" economics.

Constitutional economics studies the "compatibility of effective economic decisions with the existing constitutional framework and the limitations or the favorable conditions created by that framework." It has been characterized as a practical approach to apply of the tools of economics to constitutional matters. For example, a major concern of every nation is the proper allocation of available national economic and financial resources. The legal solution to this problem falls within the scope of constitutional economics.

Gordon Tullock (born February 13, 1922) is an economist and retired Professor of Law and Economics at the George Mason University School of Law. He is best known for his work on public choice theory, the application of economic thinking to political issues. He is one of the founding figures in his field.

A native of Rockford, Illinois, Tullock attended the University of Chicago and, after a break for military service during World War II, received a J.D. in 1947. Following a brief period in private practice, he joined the Foreign Service that fall. After completing training, he was posted to Tianjin, China, later receiving Chinese language instruction at Yale and Cornell and follow-on postings to Hong Kong and Korea. He resigned from the Foreign Service in 1956. While he originally intended to pursue a career as a foreign trader in the Far East, his work on The Politics of Bureaucracy eventually led him to begin collaboration with James M. Buchanan at the University of Virginia while Tullock worked at the University of South Carolina teaching international studies.

James Buchanan, Jr. (April 23, 1791 – June 1, 1868, English pronunciation: /bjuːˈkænən/) was the 15th President of the United States (1857–1861). He is the only president from Pennsylvania and the only president who remained a lifelong bachelor. His niece Harriet Lane played the role as lady of the house.

Buchanan (often called Buck-anan by his contemporaries) was a popular and experienced state politician and a successful attorney before his presidency. He represented Pennsylvania in the U.S. House of Representatives and later the Senate, and served as Minister to Russia under President Andrew Jackson. He was also Secretary of State under President James K. Polk. After he turned down an offer for an appointment to the Supreme Court, President Franklin Pierce appointed him Minister to the United Kingdom, in which capacity he helped draft the controversial Ostend Manifesto.

Buchanan was nominated in the 1856 election. Throughout most of Franklin Pierce's term he was stationed in London as a Minister to the Court of St. James's and therefore was not caught up in the crossfire of sectional politics that dominated the country. Buchanan was viewed by many as a compromise between the two sides of the slavery question. His subsequent election victory took place in a three-man race with John C. Frémont and Millard Fillmore. As President, he was often called a "doughface", a Northerner with Southern sympathies, who battled with Stephen A. Douglas for the control of the Democratic Party. Buchanan's efforts to maintain peace between the North and the South alienated both sides, and the Southern states declared their secession in the prologue to the American Civil War. Buchanan's view of record was that secession was illegal, but that going to war to stop it was also illegal. Buchanan, first and foremost an attorney, was noted for his mantra, "I acknowledge no master but the law."

Ronald Ernest "Ron" Paul (born August 20, 1935) is an American politician who has been the U.S. Representative for Texas's 14th congressional district, which includes Galveston, since 1997, and a three-time candidate for President of the United States, as a Libertarian in 1988 and as a Republican in 2008 and currently 2012. He is an outspoken critic of American foreign and monetary policies, including the Military–industrial complex and the Federal Reserve, and is known for his libertarian-leaning views, often differing from his own party on certain issues.

A native of Pittsburgh, Pennsylvania, Paul is a graduate of Gettysburg College and Duke University School of Medicine, where he earned his medical degree. He served as a medical officer in the United States Air Force from 1963 until 1968. He worked as an obstetrician-gynecologist from the 1960s to the 1980s, delivering more than 4,000 babies. He became the first Representative in history to serve concurrently with a child in the Senate when his son Rand Paul was elected to the United States Senate for Kentucky in 2010.

Nancy Laura Stokey (born 1950) is the Frederick Henry Prince Distinguished Service Professor of Economics at the University of Chicago. She has earned her BA in economics from the University of Pennsylvania in 1972 and her PhD from Harvard University in 1978, her thesis advisor being Nobel Prize in Economics laureate Kenneth Arrow.

Stokey has published significant research in the areas of economic growth and development, as well as papers on economic history ("A Quantitative Model of the British Industrial Revolution: 1780-1850," 2001) and econometrics ("Dynamic Programming with Homogeneous Functions," 1998, co-authored with Fernando Alvarez). She is the co-developer, with Paul Milgrom, of the no-trade theorem, a counter-intuitive development of the premises of financial economics. She co-authored with Robert Lucas, Jr. and Edward Prescott a book on Recursive Methods in Economic Dynamics that is widely used by research economists and graduate students.

Stokey is a member of the National Academy of Sciences and was a vice-president of the American Economic Association between 1996-1997. She was also a member of the expert panel convened to produce a Copenhagen Consensus on some of the leading scientific/developmental problems of the 21st century. She has held editorial positions with top journals as Econometrica, The Journal of Economic Growth, Games and Economic Behavior and The Journal of Economic Theory.