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Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science." [ 1 ] It includes the study of political behavior .
Public Choice is a peer-reviewed academic journal covering the intersection of economics and political science.It was established in 1966 as Papers on Non-Market Decision Making, obtaining its current name in 1968. [1]
Public choice theory assumes that people are mainly guided by self-interest, including politicians, bureaucrats, and government officials. [11] Public choice theory focuses on democratic decision-making process within the political realm. Buchanan used both fields of economics and political science to help develop his theory of public choice.
Public choice is the application of economic principles to governmental decision-making. Among other writing, he contributed to Re-Thinking Green, [8] edited Cutting Green Tape [9] and was the author of Eco-Nomics: What Everyone Should Know about Economics and the Environment, which received the 2004 Sir Anthony Fisher Memorial Award. [10]
The book was for a long time out of print, but was reissued with several additional essays as, William Niskanen, Bureaucracy and Public Economics (Cheltenham, UK: Edward Elgar, 1994). Niskanen's work was an early text in rational choice models of bureaucracy. In his work he proposed the budget-maximizing model. [citation needed]
He continued to publish widely (more than 150 papers and 23 books in all), including "The Economics of Wealth and Poverty" (1986), Autocracy (1987), Rent Seeking (1993), The Economics of Non-Human Societies (1994) and On Voting: A Public Choice Approach (1998). In 1999 he returned to George Mason as a professor of law and economics, where he ...
The Virginia School of political economy is a school of economic thought originating at the Thomas Jefferson Center for Studies in Political Economy of the University of Virginia in the 1950s and 1960s. Some of its proponents established the Center for Study of Public Choice at Virginia Tech in 1969, moving it to George Mason University in 1983.
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being.
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