In this volume, based on a week-long symposium at the University of Munich's Center for Economic Studies, two leading scholars of governmental economics debate their divergent perspectives on the role of government and its fiscal functions. James M. Buchanan, who was influential in developing the research program in public choice, concentrates on the imperfections of the political process and stresses the need for rules to restrain governmental interference. Richard A. Musgrave, a founder of modern public finance, points to market failures and inequities that call for corrective public policies. They apply their differing economic and political philosophies to a variety of key issues. Each presentation is followed by a response and general discussion.
In 1962, economists James M. Buchanan and Gordon Tullock published The Calculus of Consent, in which they developed the principles of public choice theory. In the fifty years since its publication, the book has defined the field and set the standard for research and analysis. To celebrate a half-century of scholarship in public choice, Dwight Lee has assembled distinguished academics from around the world to reflect on the influence of this monumental publication, and, more broadly, the legacy of its legendary authors. Their essays cover a broad spectrum of topics and approaches, from the impact of public choice theory on foreign policy analysis to personal remembrances of learning from and collaborating with Buchanan and Tullock. The result is a unique collection of insights that celebrate public choice and its visionary proponents, while considering its future directions.
This book argues that while the US president makes foreign policy decisions based largely on political pressures, it is concentrated interests that shape the incentive structures in which he and other top officials operate. The author identifies three groups most likely to be influential: government contractors, the national security bureaucracy, and foreign governments. This book shows that the public choice perspective is superior to a theory of grand strategy in explaining the most important aspects of American foreign policy, including the war on terror, policy toward China, and the distribution of US forces abroad. Arguing that American leaders are selected to respond to public opinion, not necessarily according to their ability to formulate and execute long-terms plans, the author shows how mass attitudes are easily malleable in the domain of foreign affairs due to ignorance with regard to the topic, the secrecy that surrounds national security issues, the inherent complexity of the issues involved, and most importantly, clear cases of concentrated interests. The book will be of interest to students and scholars of American Studies, Foreign Policy Analysis and Global Governance.
When market forces fail us, what are we to do? Who will step in to protect the public interest? The government, right? Wrong. The romantic view of bureaucrats coming to the rescue confuses the true relationship between economics and politics. Politicians often cite "market failure" as justification for meddling with the economy, but a group of leading scholars show the shortcomings of this view. In Government Failure, these scholars explain the school of study known as "public choice," which uses the tools of economics to understand and evaluate government activity. Gordon Tullock, one of the founders of public choice, explains how government "cures" often cause more harm than good. Tullock provides an engaging overview of public choice and discusses how interest groups seek favors from government at enormous costs to society. Displaying the steely realism that has marked public choice, Tullock shows the political world as it is, rather than as it should be. Gordon Brady scrutinizes American public policy, looking closely at international trade, efforts at regulating technology, and environmental policy. At every turn Brady points out the ways in which interest groups have manipulated the government to advance their own agendas. Arthur Seldon, a seminal scholar in public choice, provides a comparative perspective from Great Britain. He examines how government interventions in the British economy have led to inefficiency and warns about the political centralization promised by the European Community. Government Failure heralds a new approach to the study of politics and public policy. This book enlightens readers with the basic concepts of public choice in an unusually accessible way to show the folly of excessive faith in the state.
Recent decades have seen the study of politics invaded by economic theories, methods and techniques. This book gives a concise, non- technical account of these 'public choice' theories and examines their influence upon government policies in English-speaking countries. Issues covered include slimming the state, privatising welfare and re- structuring government. Final chapters offer an alternative view of the basis of good government. This book offers a unique survey and critique of the ideas and influence of an important branch of political thought and it links with market theories. It is vital reading for students of both politics and economics.
This book evaluates the validity of a key proposition of public choice theory: that competition is associated with superior performance by governmental organisations. Three forms of competition in local government are identified: competition between local authorities, competition between councils and private contractors, and competition between parties for political power. The extent and consequences of competition are assessed in both the UK and USA. The analysis is used to draw conclusions on the effects of competition and the validity of public choice theory.
In Law and Public Choice, Daniel Farber and Philip Frickey present a remarkably rich and accessible introduction to the driving principles of public choice. In this, the first systematic look at the implications of social choice for legal doctrine, Farber and Frickey carefully review both the empirical and theoretical literature about interest group influence and provide a nonmathematical introduction to formal models of legislative action. Ideal for course use, this volume offers a balanced and perceptive analysis and critique of an approach which, within limits, can illuminate the dynamics of government decision-making. “Law and Public Choice is a most valuable contribution to the burgeoning literature. It should be of great interest to lawyers, political scientists, and all others interested in issues at the intersection of government and law.”—Cass R. Sunstein, University of Chicago Law School
Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology.
