PUBLIC CHOICE Meaning and
Definition
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Public choice is a subfield of economics that examines the decision-making processes and outcomes associated with public and collective decision-making. It applies economic concepts and tools to analyze the behavior of individuals, specifically politicians, bureaucrats, voters, and interest groups, in the context of public decision-making.
In public choice theory, individuals are assumed to be rational actors who pursue their own self-interests when making decisions. This approach emphasizes that individuals, including government officials, are driven by incentives and respond to costs and benefits. Public choice theory recognizes the existence of both public and private forms of decision-making and examines how they interact.
The study of public choice focuses on various facets of public decision-making, including elections, voting behavior, bureaucracy, and policy-making. It explores questions such as how politicians select policies to maximize their chances of reelection, how public officials are influenced by interest groups and lobbyists, and how voters make choices based on their own preferences and the information available to them.
Public choice analysis also addresses the potential inefficiencies and distortions that can arise in the public sector due to factors such as rent-seeking, special interest influence, and the principal-agent problem. By applying economic tools and theories to the study of political processes, public choice offers insights into the functioning of governments and helps explain and predict various public policy outcomes.
Common Misspellings for PUBLIC CHOICE
- oublic choice
- lublic choice
- -ublic choice
- 0ublic choice
- pyblic choice
- phblic choice
- pjblic choice
- piblic choice
- p8blic choice
- p7blic choice
- puvlic choice
- punlic choice
- puhlic choice
- puglic choice
- pubkic choice
- pubpic choice
- puboic choice
- publuc choice
- publjc choice
- publkc choice
Etymology of PUBLIC CHOICE
The term "public choice" originated in the field of economics and political science.
The word "public" comes from the Latin word "publicus", which means "of the people" or "pertaining to the people". It has been used in English since the 14th century to refer to something that is done, owned, or controlled by the government or the general population.
The word "choice" comes from the Old English word "cēosan", which means "to choose" or "to select". It has been used in English since the 13th century to represent the act of making a decision or selecting an option.
The term "public choice" was coined in the 1960s by economists and political scientists James M. Buchanan and Gordon Tullock. They used it to describe a field of study that applies economic tools and concepts to the analysis of political decision-making.
