Public choice theory: Difference between revisions
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It is a ''positive'' (as opposed to a ''normative'') approach to the study of politics, i.e., it aims to describes how political actors ''do'' behave rather than how they ''should'' behave. | It is a ''positive'' (as opposed to a ''normative'') approach to the study of politics, i.e., it aims to describes how political actors ''do'' behave rather than how they ''should'' behave. | ||
==Concepts== | |||
* [[Rational ignorance]] | |||
* [[Concentrated costs and diffuse benefits]] | |||
* [[Regulatory capture]] | |||
Latest revision as of 00:03, 23 June 2014
Definition
Public choice theory (also called public choice economics) refers to the use of economic tools to study the actions of political actors. Specifically, it incorporates a key assumption that political actors are largely motivated by self-interest and hence respond to incentives.
It is a positive (as opposed to a normative) approach to the study of politics, i.e., it aims to describes how political actors do behave rather than how they should behave.