People Are People
While some of economics has remained unchanged, new sub-fields have emerged over the course of its history. Public Choice is one such example.
"As James Buchanan artfully defined it, public choice is 'politics without romance.' The wishful thinking it displaced presumes that participants in the political sphere aspire to promote the common good. In the conventional 'public interest' view, public officials are portrayed as benevolent “public servants” who faithfully carry out the “will of the people.” In tending to the public’s business, voters, politicians, and policymakers are supposed somehow to rise above their own parochial concerns." (from the Concise Encyclopedia of Economics)
Instead, Public Choice operates under the assumption 'people are people," whether in the check-out or legislative aisle, the voting booth or the shopping center. They face trade-offs and their behavior is guided by incentives.
Here, we've collected a variety of resources to help you explore this dynamic means of analyzing economic and political activity. We hope you enjoy.
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