public-choice theory
Quick Summary
Public choice theory applies economic principles to political decision-making. It views politicians as seeking to maximize votes, similar to how firms aim for profit maximization. This theory, building on Duncan Black's work, challenges the idea that politicians' interests always align with the public good.1
Key aspects include:
* Cost-Benefit Analysis: Extending microeconomic analysis to social choices.1
* Rational Actors: Assuming individuals pursue their interests rationally, often with a focus on self-interest and electoral success.12
* Institutional Settings: Recognizing that political institutions shape the opportunities and actions of politicians.2
While influential, rational choice theory has faced criticism for potentially oversimplifying complex political behavior and neglecting cultural contexts.2
Ask Britannica AI about this topic
Britannica doesn't have a full article on this topic, so we've curated a list of our relevant coverage.
- governanceThe new public management
…ideas associated with neoliberalism and public choice theory. At first, NPM spread in developed, Anglo-Saxon states. Later it spread through much of Europe—though France, Germany, and Spain are often seen as remaining largely untouched by it—and to developing and transitional states. In developed countries the impetus for NPM came from…
Read More…ideas associated with neoliberalism and public choice theory. At first, NPM spread in developed, Anglo-Saxon states. Later it spread through much of Europe—though France, Germany, and Spain are often seen as remaining largely untouched by it—and to developing and transitional states. In developed countries the impetus for NPM came from…
Read More - governanceNetworks, partnerships, and inclusion
…an extent, the fortunes of public choice theory and neoliberalism ebbed while those of reformist social democrats and network theorists rose. The rise of New Labour (see Labour Party) within the United Kingdom is perhaps the most obvious example of this tide. A second reason is a growing sensitivity to…
Read More…an extent, the fortunes of public choice theory and neoliberalism ebbed while those of reformist social democrats and network theorists rose. The rise of New Labour (see Labour Party) within the United Kingdom is perhaps the most obvious example of this tide. A second reason is a growing sensitivity to…
Read More
- James M. Buchanan
…his development of the “public-choice theory,” a unique method of analyzing economic and political decision making.
Read More…his development of the “public-choice theory,” a unique method of analyzing economic and political decision making.
Read More 
William Riker…known as a form of public choice theory, or rational choice theory, because it relies on the assumption that individuals base their decisions on their calculation of costs and benefits and their desire to maximize the latter.
Read More…known as a form of public choice theory, or rational choice theory, because it relies on the assumption that individuals base their decisions on their calculation of costs and benefits and their desire to maximize the latter.
Read More