text: The term â constitutional economicsâ was coined in 1982 by the U.S. economist Richard McKenzie to designate the main topic of discussion at a conference held in Washington , D.C. Mackenzieâ s neologism was then adopted by another American economist â `` James M. Buchanan â `` as a name for a new academic sub-discipline .
simplified: The term â constitutional economicsâ was created in 1982 by the U.S. economist Richard McKenzie . Then it was used by another American economist â `` James M. Buchanan â `` as a name for a new academic sub-discipline .