Classical Public Choice Theory

Classical Public Choice Theory examines how individuals make decisions within the realm of government and politics, applying economic principles to political behavior. It suggests that politicians, voters, and bureaucrats act primarily in their self-interest, similar to how consumers and businesses operate in the market. This approach highlights how personal incentives can lead to inefficiencies and policy outcomes that may not align with the public good. By analyzing the motivations behind political actions, Classical Public Choice Theory seeks to understand and improve the functioning of democratic institutions and processes.