Public choice theory

Public choice theory is a branch of economics that grew out of the analysis of taxation and its relation to public spending. While it emerged in the 1950s, it reached its apex of public attention in 1986 when James Buchanan, one the cofounders of the theory, received the Nobel Prize in Economics. Public choice theory in essence takes the microeconomic principles that economists use to understand people's decisions in the marketplace and applies them to analyze people's actions in the realm of politics: collective decision making (Shaw). Microeconomics is founded on the idea that people's activities in the marketplace are based solely on their own personal concerns. Public choice economists, like their microeconomist brethren, make the assumption that people are motivated chiefly by self-interest (Shaw). This essay will analyze Public Choice Theory through the lens of a Marxist theorist. We will find that Public Choice Theory, with its emphasis on the use of micro-economics to analyze political activity, is utterly at odds with the M

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James Buchanan's Theory of Public Choice .... Public choice theory therefore challenges the Keynesian doctrine of government intervention in the economy and the irrelevance of government debt on both .... (1157 5 )

Prison Privatization .... They outline public choice theory which is founded on economics and political science, an analytical framework that "emphasizes the role of market-driven .... (1036 4 )

Political Economy and Liberalism .... The classical liberal perspective derives public choice theory from the principle of maximizing market-related self-interest, by applying that principle to .... (1223 5 )

India's Economic History India's economic history has been a case study for economists of the "Public Choice Theory" school. The maxim held by all free market .... (1366 5 )

WEBER'S THEORY OF BUREAUCRACY .... Wildavsky, A. (1987). Cultural theory of responsibility. In JE Lane (Ed.), Bureaucracy and public choice. London: Sage. Yeatman, A. (1987, December). .... (2952 12 )

Category: Economics - P