Development
The modern literature in Public Choice began with Duncan Black, who in 1948 identified the underlying concepts of what would become median voter theory. He also wrote The Theory of Committees and Elections in 1958. Gordon Tullock refers to him as the "father of public choice theory".
James M. Buchanan and Gordon Tullock coauthored The Calculus of Consent: Logical Foundations of Constitutional Democracy (1962), considered one of the landmark works that founded the discipline of public choice theory. In particular (1962, p. v), the book is about the political organization of a free society. But its method, conceptual apparatus, and analytics "are derived, essentially, from the discipline that has as its subject the economic organization of such a society." The book focuses on positive-economic analysis as to the development of constitutional democracy but in an ethical context of consent. The consent takes the form of a compensation principle like Pareto efficiency for making a policy change and unanimity at least no opposition as a point of departure for social choice.
Kenneth Arrow's Social Choice and Individual Values (1951) influenced formulation of the theory. Among other important works are Anthony Downs's An Economic Theory of Democracy (1957) and Mancur Olson's The Logic of Collective Action (1965).
During the same decade, the probabilistic voting theory started to replace the median voter theory, since it clearly showed how it was able to find Nash Equilibria also in multidimensional space. The theory was later completely formalized by Peter Coughlin.
Read more about this topic: Public Choice Theory
Famous quotes containing the word development:
“Every new development for the last three centuries has brought men closer to a state of affairs in which absolutely nothing would be recognized in the whole world as possessing a claim to obedience except the authority of the State. The majority of people in Europe obey nothing else.”
—Simone Weil (1909–1943)
“Such condition of suspended judgment indeed, in its more genial development and under felicitous culture, is but the expectation, the receptivity, of the faithful scholar, determined not to foreclose what is still a question—the “philosophic temper,” in short, for which a survival of query will be still the salt of truth, even in the most absolutely ascertained knowledge.”
—Walter Pater (1839–1894)
“The American has dwindled into an Odd Fellow—one who may be known by the development of his organ of gregariousness.”
—Henry David Thoreau (1817–1862)