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.
Read more about this topic: Politician
Famous quotes containing the words public, choice and/or theory:
“The structure was designed by an old sea captain who believed that the world would end in a flood. He built a home in the traditional shape of the Ark, inverted, with the roof forming the hull of the proposed vessel. The builder expected that the deluge would cause the house to topple and then reverse itself, floating away on its roof until it should land on some new Ararat.”
—For the State of New Jersey, U.S. public relief program (1935-1943)
“The question of place and climate is most closely related to the question of nutrition. Nobody is free to live everywhere; and whoever has to solve great problems that challenge all his strength actually has a very restricted choice in this matter. The influence of climate on our metabolism, its retardation, its acceleration, goes so far that a mistaken choice of place and climate can not only estrange a man from his task but can actually keep it from him: he never gets to see it.”
—Friedrich Nietzsche (1844–1900)
“The theory seems to be that so long as a man is a failure he is one of God’s chillun, but that as soon as he has any luck he owes it to the Devil.”
—H.L. (Henry Lewis)