Public Choice

Public Choice is an economic theory that applies principles of economics to political decision-making. It examines how individuals, like politicians and voters, behave in the political arena, often prioritizing their own interests over the common good. Public Choice theory suggests that politicians aim to maximize their votes or power, while bureaucrats seek to expand their agencies. This perspective helps explain issues like government inefficiency and the difficulty in passing beneficial policies, as it highlights the incentives and motivations behind public actions, emphasizing that the same rational behaviors seen in markets can also influence political outcomes.