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What is Understanding Public Choice Theory about?

Public choice theory uses economic tools to study political decision making. It views politicians and officials as self-interested agents seeking to maximize utility. The theory originated in the works of Duncan Black, Gordon Tullock, James Buchanan, Kenneth Arrow, Anthony Downs, and Mancur Olson from the 1940s-1960s. It analyzes how political outcomes can conflict with public preferences due to rational behavior by special interests, politicians, and citizens that maximize their own benefits rather than th

Author

Francis Palabay

Language

EN