Overview
The Economic Foundations of Public Choice explore how individual self-interest influences public decision-making. This theory applies economic principles to political processes, suggesting that voters and politicians act similarly to market participants, seeking to maximize their benefits. Understan...
Key Terms
Example: Public choice theory explains why politicians may prioritize their own interests over the public good.
Example: Voters may choose candidates who promise policies that benefit them the most.
Example: A town hall meeting where residents vote on a new park.
Example: Analyzing why certain demographics favor specific political parties.
Example: Subsidies that distort market prices and lead to overproduction.
Example: Pollution as a negative externality affecting public health.