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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 ...
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 eschewed the traditional notion that these agents are motivated by selfless interest in the public good, and instead considered them as typically self-interested, like other agents. His chief contribution to public choice theory was the budget-maximizing model – the notion that bureaucrats will attempt to maximize their agency's ...
The public interest theory of regulation claims that government regulation acts to protect and benefit the public. [1] The public interest is "the welfare or well-being of the general public" and society. [2] Regulation in this context means the employment of legal instruments (laws and rules) for the implementation of policy objectives.
James McGill Buchanan Jr. (/ b juː ˈ k æ n ə n / bew-KAN-ən; October 3, 1919 – January 9, 2013) was an American economist known for his work on public choice theory [1] originally outlined in his most famous work, The Calculus of Consent, co-authored with Gordon Tullock in 1962.
The latter would form the basis of the Virginia school of thought, as the foundational text in public choice theory. In 1969, Buchanan, Tullock, and Charles J. Goetz established the Center for Study of Public Choice at Virginia Tech, which moved with them to George Mason University in 1983.
The Calculus of Consent: Logical Foundations of Constitutional Democracy is a book published by economists James M. Buchanan and Gordon Tullock in 1962. It is considered to be one of the classic works from the discipline of public choice in economics and political science.
The Tiebout model implies that when people have more choice, there will be uniformity in the tastes for public goods among town residents. Supportive evidence comes from Gramlich and Rubinfeld (1982), who surveyed Michigan households on their demand for public goods.