Public Choice
Public Choice is a field of economics that studies how individuals make decisions in the context of public policy and government. It applies economic principles to political behavior, analyzing how voters, politicians, and bureaucrats interact and make choices that affect society. This approach helps to understand the incentives and motivations behind political actions.
The theory suggests that individuals in the public sector, like politicians and government officials, often act in their own self-interest, similar to those in the private sector. This can lead to outcomes that may not align with the public good, highlighting the importance of institutional design and accountability in governance.