The Virginia School of Political Economy is a theoretical framework that emphasizes the role of institutions and individual behavior in economic and political processes. It is closely associated with scholars like James Buchanan and Gordon Tullock, who focused on public choice theory, which analyzes how political decisions are made and how they affect economic outcomes. This school of thought advocates for limited government intervention and highlights the importance of incentives in shaping human behavior. It also explores how political institutions can be designed to promote efficiency and accountability, contributing to a better understanding of governance and economic policy.