The Theory of Public Choice

The Theory of Public Choice examines how decisions are made in government and public sectors, focusing on the behavior of politicians, voters, and bureaucrats. It applies economic principles to political processes, suggesting that individuals act in their self-interest, much like in markets. This theory highlights how personal incentives can influence policy decisions, leading to outcomes that may not necessarily align with the public good. It encourages critical thinking about how decisions are made, the role of elections, lobbying, and the complexities of collective action in achieving societal goals.