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Psychology is the fulcrum on which political economy exerts its force in studying decision making (not only in prices), but as the field of study whose assumptions model political economy. Geography studies political economy within the wider geographical studies of human-environment interactions wherein economic actions of humans transform the ...
Public choice theory is often used to explain how political decision-making results in outcomes that conflict with the general public's preferences. For example, many advocacy group and pork barrel projects are opposed by a majority of the populace, but it makes sense for politicians to support these projects.
The Russian school of constitutional economics was created in the early twenty-first century with the idea that constitutional economics allows for a combined economic and constitutional analysis in the legislative (especially budgetary) process, thus helping to overcome arbitrariness in the economic and financial decision-making.
The European Journal of Political Economy is a quarterly peer-reviewed academic journal covering research on economic phenomena, including collective decision making, political behavior, and the role of institutions. [1]
It emphasizes the impact of historical and socio-political factors on the evolution of economic practices, often opposing more rational approaches. [3] In the political sense, this implies the influences actors like the state have on socio-economic practices and the shaping of institutions via political decision-making. [4]
An Economic Theory of Democracy is a treatise of economics written by Anthony Downs, published in 1957. [1] The book set forth a model with precise conditions under which economic theory could be applied to non- market political decision-making .
Social choice theory is a branch of welfare economics that extends the theory of rational choice to collective decision-making. [1] Social choice studies the behavior of different mathematical procedures (social welfare functions) used to combine individual preferences into a coherent whole.
[6] According to Rodrik, states embraced globalization and national autonomy in the late 19th century, but sacrificed democratic decision-making. [7] In the post-World War II period, states sacrificed globalization while embracing democracy at home and national autonomy. [7]