The application of the ‘economic theory of politics’ effectively undermines the market failure approach to government policy-making, which relies on the assumption that benevolent and far-sighted governments are capable of clearing up the failings of private markets.Public choice has revolutionized the study of democratic decision-making processes. It applies the theories and methods of economics to the analysis of political behaviour, an area that was once the exclusive province of political scientists and sociologists.
The Calculus of Consent: Logical Foundations of Constitutional Democracy
The Demand and Supply of Public Goods
Cost and Choice
L.S.E. Cost Theory in Retrospect
The Limits of Liberty
The Power to Tax