What is Public Choice in economics?

Public choice refers to an economic approach towards the study of politics. American Nobel laureate James Buchanan, a prominent member of the Virginia school of political economy, characterised the pu

Public choice refers to an economic approach towards the study of politics. American Nobel laureate James Buchanan, a prominent member of the Virginia school of political economy, characterised the public choice approach to politics as the study of “politics without romance.”

Public choice theorists assume that politicians and bureaucrats who run the government of a country are self-interested individuals who primarily look after their own selfish interests. This is in contrast to the general assumption that public servants work to satisfy the interests of the general public. Economists when studying the broader economy have traditionally assumed that individuals in general strive to serve their own selfish interests. Public choice theory simply applies the same assumption that economists make about individuals to the case of politicians and bureaucrats who run the government.

It should be noted that public choice theorists do not assume that all individuals are driven purely by narrow self-interest. They only argue that self-interest is the predominant motive that drives people.