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Topic: Public choice theory


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  Public Choice Theory, by Jane S. Shaw: The Concise Encyclopedia of Economics: Library of Economics and Liberty
Public choice theory is a branch of economics that developed from the study of taxation and public spending.
Public choice economists make the same assumption—that although people acting in the political marketplace have some concern for others, their main motive, whether they are voters, politicians, lobbyists, or bureaucrats, is self-interest.
Public choice economists point out that this incentive to be ignorant is rare in the private sector.
www.econlib.org /library/Enc/PublicChoiceTheory.html   (2179 words)

  
 Public Choice, Risk Analysis and the Development of Regulation.
The significance of public choice economics is its challenge to the traditional economic theory of the regulatory state.
The public choice theory is that self-interested individuals may have private incentives to ‘pressure’ the regulatory state to develop regulations that create economic advantage for them, not strictly for the public interest.
The relevance of public choice economics to risk analysis is that a successful risk analysis must incorporate the effects of private incentives and group pressures that can influence the adoption of the preferred regulation or policy.
www.ramas.com /public.htm   (1068 words)

  
 JBC - Public Choice Economics
Choices are made by individuals, and these may be "private" or "public." A person makes private choices as he goes about the ordinary business of living.
Public Choice is the intersection of these two disciplines; the institutions are those of political science, and the method is that of economic theory.
Public Choice scholars are perhaps best characterized by their emphasis on comparative institutional analysis and, in particular, by their concentration on the necessary relationship between economic and political institutions.
www.gmu.edu /jbc/aboutpubchoic.html   (310 words)

  
 March Imprimis   (Site not responding. Last check: 2007-10-19)
The moral condemnation of public choice is centered on the presumed transference of this element of economic theory to political analysis.
The public choice theorist should, of course, acknowledge that the strength and predictive power of the strict economic model of behavior is somewhat mitigated as the shift is made from private market to collective choice.
Public choice, in its basic insights into the workings of politics, incorporates an understanding of human nature that differs little, if at all, from that of James Madison and his colleagues at the time of the American Founding.
home.earthlink.net /~jberthoud/WhatIs.htm   (3200 words)

  
 Public Choice Theory
Public goods are indivisible (not in discrete units) goods and services distributed under non-competitive market conditions to consumers who, as individuals, cannot easily be excluded from enjoyment of the benefits (ex., roads).
Public choice theorists have also been concerned with the logic of voting as a means of expressing individual preferences.
Public choice theory is in this way similar to themes developed by the "new public administration" and "reinventing government" movements of the 1990s, though these movements went further by promoting public-private partnering, outsourcing, and privatization as means to greater 'marketization" of public goods than had been advocated by early public choice theorists.
www2.chass.ncsu.edu /garson/pa765/publicchoice.htm   (1389 words)

  
 March 2002 Imprimis
Public choice almost literally forces the critic to be pragmatic in comparing alternative constitutional arrangements, disallowing any presumption that bureaucratic corrections for market failures will accomplish the desired objectives.
The moral condemnation of public choice is centered on the presumed transference of this element of economic theory to political analysis.
The public choice theorist should, of course, acknowledge that the strength and predictive power of the strict economic model of behavior is somewhat mitigated as the shift is made from private market to collective choice.
www.hillsdale.edu /imprimis/2003/march/default.htm   (3242 words)

  
 [No title]
Public choice may be limited in its applications to public management primarily due to its assumptions of rational, self-interested behavior.
Public Choice: A Review of the Literature Public Choice: "...the application of economics to political science" --Mueller INTRODUCTION The public choice approach to management grew from a general discontent among scholars with the ability of the traditional bureaucratic model to explain government, or more specifically bureau behavior.
The use of the public choice paradigm was "[t]ruer of Margaret Thatcher and some of her ministerial colleagues, especially her intellectual guru Sir Keith Joseph, than of Ronald Reagan and his associates, some of whose intellectual beliefs were too shallow to be debited to any respectable theorist." (Self, 1993, p.
carbon.cudenver.edu /~ldeleon/pad8020/student_papers/public_choice.html   (8262 words)

  
 Public Choice Theory
Public Choice Theory is a body of theory developed by James Buchanan and Gordon Tullock to try to explain how public decisions are made.
Public choice theorists then interpret the voting that does occur as evidence of irrationality of the public.
For a long time economic theory presumed that if there was a task that needed to done by the government that all that was required was to set up some government organization with responsibility for achieving that task.
www2.sjsu.edu /faculty/watkins/publicchoice.htm   (1044 words)

  
 Price Theory: Chapter 19: The Political Marketplace
The second is a sketch of two variants of public choice theory--the economic analysis of government--intended in part to explain the inconsistency between the sorts of tariffs that economists can defend as efficient and the sorts that exist.
The name is somewhat deceptive, since what makes public choice theory part of economics is that it analyzes the behavior of political institutions as the outcome of the choices of rational individuals, each seeking his own objectives.
One of the ways in which different public choice theories differ from each other is in what they take to be the equivalent of the firm on the political market and what it is assumed to maximize.
www.daviddfriedman.com /Academic/Price_Theory/PThy_Chapter_19/PThy_Chap_19.html   (8660 words)

  
 FREC 444: Public Choice
In a simple public choice model, the elected official maximizes his likelihood of reelection subject to legal constraints on how he can extort campaign contributions from special interest groups.
Some public choice economists such as Mancur Olsen are deeply pessimistic about the future of democracy, given the inevitable susceptibility of politicians to special interests.
Recent history seems to contradict some public choice views: the US seems to have cured itself of its deficit spending addiction, and public interest in campaign finance reform is fairly strong.
www.udel.edu /johnmack/frec444/public_choice.html   (643 words)

  
 Policy
Public choice should be understood as a research programme rather than a discipline or even a sub-discipline of economics.
The moral condemnation of public choice is centred on the presumed transference of this element of economic theory to political analysis.
The public choice theorist should, of course, acknowledge that the strength and predictive power of the strict economic model of behaviour is somewhat mitigated as the shift is made from private market to collective choice.
www.cis.org.au /Policy/spr03/polspr03-2.htm   (3170 words)

  
 Public Choice Theory
Public Choice Theory is a body of theory developed by James Buchanan and Gordon Tullock to try to explain how public decisions are made.
Public choice theorists then interpret the voting that does occur as evidence of irrationality of the public.
For a long time economic theory presumed that if there was a task that needed to done by the government that all that was required was to set up some government organization with responsibility for achieving that task.
www.sjsu.edu /faculty/watkins/publicchoice.htm   (1044 words)

  
 Rent-Seeking, Public Choice, and The Prisoner's Dilemma
The public money and public liberty...will soon be discovered to be sources of wealth and dominion to those who hold them; distinguished, too, by this tempting circumstance, that they are the instrument, as well as the object of acquisition.
In a classic Public Choice strategy, however, this may mollify the many, even while continuing to provide the political rents for its own constituency, a constituency that includes everyone who sympathizes with the "compassion" of welfare, even if they are not on it.
Nevertheless, the basic insight of both rent-seeking and Public Choice theory is already evident in the Thomas Jefferson quote at the beginning of this essay.
www.friesian.com /rent.htm   (3941 words)

  
 The Free Liberal: Public Choice Theory and Liberating Markets in Happiness and Well-Being
Public choice theory, which is widely accepted among economists, is merely a means of analyzing government action by pointing out that most of the time most voters, lobbying groups, politicians, bureaucrats, and judges act in alignment with the information and incentives they face.
Public choice theory is a helpful reminder that modern nation-state democracy is not a town meeting in Vermont.
This is why those concerned with the public choice mechanisms are frequently talking past those who are unconcerned by them: the real issue is often not the policy issue at hand, but the underlying power dynamics being set up each time laws are passed.
www.freeliberal.com /archives/001968.html   (1255 words)

  
 Public Choice Theory: Not the Whole Story   (Site not responding. Last check: 2007-10-19)
And public choice theorists take this view into the special area of understanding the behavior of public officials by asserting, as a corollary of general economic analysis, that not only do we do this as shoppers, bankers, merchants, corporate executives, brokers, and the like, but also as "public" servants.
If public servants were to become convinced that the promotion of some popular project is indeed not a proper government activity in the first place, then despite what they might do in circumstances which are not governed by this "ideological" consideration, they could come to behave very differently from what public choice theory predicts.
The reason this is obscured and why public choice theory is only now adjusting itself to the insight is that the welfare state is structurally incapable of facilitating the serving of a distinct public interest when it implies by its scope that no distinction between public and private concerns exists.
www.libertyhaven.com /theoreticalorphilosophicalissues/publicchoice/publictheory.html   (2769 words)

  
 [No title]
In addition, there have been many applications of the public choice model to specific organizations, both in attempts to test the model empirically and to explain some contemporary phenomena such as privatization of government services, user fees, and school choice to name a few.
Complementary to the positive political theory literature is a continually expanding literature considering the role of the utility maximizing citizen, or "voter." This more normative branch of public choice or social choice literature seeks to prescribe the level of government production that should obtain in a democratic society.
Finally, Golembiewski asserts that even if the public choice paradigm were valid, when taken to its logical conclusion it may produce internally inconsistent and antithetical prescriptions such as bigger is better when competing for funds at the Congressional level.
carbon.cudenver.edu /~ldeleon/pad8020/student_papers/pcpap-1.txt.html   (6962 words)

  
 James M. Buchanan - Economic Insights - FRB Dallas
Buchanan’s view of public finance, and hence, the appropriate size of the state, is derived from a model in which the state supplies its constituents with public goods or services, which are paid for with tax revenues.
At first glance, public choice theory seems to be nothing more than common sense: Governments are collections of individuals whose interaction is determined by the same self-interest that motivates people in the private sector.
Extending his view that public policy emerges from the interaction of self-interested individuals led Buchanan to a systematic study of the institutions and, in the case of the United States, the constitutional parameters within which public policy decisions are made.
www.dallasfed.org /research/ei/ei0302.html   (3038 words)

  
 Policy Autumn (Mar-Apr) 1998
Traditionally, economists developed theories and advocated policies on the implicit assumption that the government implementing the policy was a ‘benevolent despot’ – a single entity that would, without question and in good faith, routinely implement policies that were in the public interest.
The ‘public choice’ school emerged in the late 1940s and 1950s in response to this growing sense that orthodox economics, through its acceptance of governmental benevolence, neglected the importance of the political process in shaping and implementing policy.
This summation is supported by public choice experts who argue that methodological consistency, not to mention the experience of history, implies that the benevolent despot model of government should be rejected as the normal course of events.
www.cis.org.au /Policy/autumn98/aut9810.htm   (3443 words)

  
 [No title]
Public choice theory has made a valuable contribution to our understanding of public policy.
                Public choice theory, however, would suggest that since government funds would be collected and distributed through the political process, it is important to consider the incentives of the agents involved in the process when examining the consequences of federal funding of science.
Engineers interested in public policy will, we believe, propose better technological solutions to social problems if equipped with the tools of public choice theory.
www.faginfamily.net /barry/Papers/ASEE93.htm   (2844 words)

  
 Introduction to Public Choice Theory
It is the behaviour of public sector bureaucrats which is at the heart of public choice theory.
Public Choice theorists attempt to examine the system of government in which the people governed define their government by means of a constitution.
Public Choice has much to say about the use of rent-seeking, which is the act of obtaining special treatment by the government at the expense of the rest of us.
perspicuity.net /sd/pub-choice.html   (2665 words)

  
 Public Choice Theory
“Public Choice Theory” models group decision-making assuming that those involved in the decision vote according to their rational self interest.
This course will study some of the basic conclusions of that theory for voting generally, and then apply the theory to analyze the decision-making by Congress and the federal courts.
Students will be responsible for leading discussion on readings for one class period, writing a paper on a topic of their choice involving the application of public choice theory to law, and presenting their paper to the remainder of the class.
www.law.fsu.edu /academic_programs/curriculum/PublicChoiceTheory.html   (126 words)

  
 Social choice theory - Wikipedia, the free encyclopedia
Following Jeremy Bentham, utilitarians have assumed that individuals attempt to maximize their individual utilities when arriving at individual choices, that such utilities are measurable individually and interpersonally, and that they can be added up for a measure of aggregate utility.
A fortiori he criticized interpersonal comparisons of utility, and the social choice theory on which it was based, for assuming that we could determine the amount of satisfaction other individuals derive from certain situations.
Kenneth Arrow's famous impossibility result spelled the second end to social choice theory, by proving the inconsistency of social preferences when held to very minimal standards, such as non-dictatorship and Pareto optimality.
en.wikipedia.org /wiki/Social_choice_theory   (951 words)

  
 Prisoner's Dilemma & Public Choice Theory
This is a growing body of theory that explores the conflict between what is rational for individuals and minorities and what is rational for the group as a whole.
Understanding Democracy: An Introduction to Public Choice, J. Patrick Gunning — Textbook on public choice theory for economists and political scientists that is accessible to laypersons.
Public Choice Theory, Morgan Reynolds, Professor of Economics, Texas A and M University.
www.constitution.org /pd/pd.htm   (640 words)

  
 Public Choice Society
The 2008 annual meeting of the Public Choice Society will be held in San Antonio, Texas, March 5-9, 2008.
I will e-mail again with a formal call for papers in September, with abstracts and proposals due December 3.
The editors of the journal, Public Choice, have a special message regarding its manuscript submission and evaluation process.
www.pubchoicesoc.org   (192 words)

  
 Vinod's Blog:Public Choice Theory
The article is actually a speech from James Buchanan on the origins of Public Choice economics they put up on their website / blog.
However, the world of Public Choice economics - the abstract study of how governments, in contrast to markets, allocate resources - just doesn't quite get it's day in the spotlight the same way.
And herein lies one of the first disconnects between classical liberals like myself and modern day liberals - public choice economics recognizes that the basket of resources (what Buchanan refers to the "total product") allocated by political means starts with exactly the same stuff as the market basket.
www.vinod.com /blog/News/PublicChoiceTheory.html   (1043 words)

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