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What is the difference between public choice theory and social choice theory?
What is public choice economics?
Who developed public choice theory?
What is public choice?
Oct 27, 2022 · Public choice theory is an economic approach to political science that assumes self-interest as the main motive of political actors. Learn about its origins, key concepts, and how it challenges the public interest theory and bureaucracy.
- Robert Longley
In political science, it is the subset of positive political theory that studies self-interested agents (voters, politicians, bureaucrats) and their interactions, which can be represented in a number of ways—using (for example) standard constrained utility maximization, game theory, or decision theory. [1]
Public choice takes the same principles that economists use to analyze people's actions in the marketplace and applies them to people's actions in collective decision making. Economists who study behavior in the private marketplace assume that people are motivated mainly by self-interest.
Public choice, in other words, simply transfers the rational actor model of economic theory to the realm of politics. Two insights follow immediately from economists’ study of collective choice processes. First, the individual becomes the fundamental unit of analysis.
A chapter from a book on public choice and constitutional political economy, covering the history, methodology and applications of the field. It explains the concept of public choice, the problem of cycling, and the contributions of various scholars to the literature.
- Dennis C. Mueller
- 2008
A clear and concise introduction to Public Choice economics, which applies realistic insights about human behaviour to the process of government. Learn the limits of the government's ability to correct market failure and the implications for public policy design.
Jan 1, 2023 · Learn how public choice theory (PCT) argues for public decision-making and the production and allocation of public goods and services to be based on citizens’ preferences. Explore the main assumptions, concepts, and criticisms of PCT, a neoliberal economic theory that challenges Keynesianism and the social compact.
