Public Choice Theory
Public choice theory involves the use of modern economic tools to study problems that are traditionally in the province of political science. (A more general term is "political economy", an earlier name for "economics" that evokes its practical and theoretical origins but should not be mistaken for the Marxian use of the same term.)
In particular, it studies the behavior of voters, politicians, and government officials as (mostly) self-interested agents and their interactions in the social system either as such or under alternative constitutional rules. These can be represented a number of ways, including standard constrained utility maximization, game theory, or decision theory. Public choice analysis has roots in positive analysis ("what is") but is often used for normative purposes ("what ought to be"), to identify a problem or suggest how a system could be improved by changes in constitutional rules. A key formulation of public choice theory is in terms of rational choice, the agent-based proportioning of scarce means to given ends. An overlapping formulation with a different focus is positive political theory. Another related field is social choice theory.
There are also Austrian variants of public choice theory (suggested by Mises, Hayek, Kirzner, Lopez, and Boettke) in which it is assumed that bureaucrats and politicians are benevolent but have access to limited information.
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Famous quotes containing the words public, choice and/or theory:
“Our government rests in public opinion. Whoever can change public opinion, can change the government, practically just so much.”
—Abraham Lincoln (1809–1865)
“At birth man is offered only one choice—the choice of his death. But if this choice is governed by distaste for his own existence, his life will never have been more than meaningless.”
—Jean-Pierre Melville (1917–1973)
“A theory of the middle class: that it is not to be determined by its financial situation but rather by its relation to government. That is, one could shade down from an actual ruling or governing class to a class hopelessly out of relation to government, thinking of gov’t as beyond its control, of itself as wholly controlled by gov’t. Somewhere in between and in gradations is the group that has the sense that gov’t exists for it, and shapes its consciousness accordingly.”
—Lionel Trilling (1905–1975)