The Public Choice Theory
- James M. Buchanan's work within Public Choice earned him the Nobel Prize in Economic Science in 1986.
- This theory shows that contrary to the conventional wisdom that public-sector actors act in the public's best interests, politicians and bureaucrats tend to act in self-interest, just like private-sector actors.
- Using these insights, we can better understand the incentives that motivate political actors and better predict the results of political decision-making, then design fixed rules that will lead to better outcomes.
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