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Private Markets and Political Markets: A Comparative Analysis

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  • Stefka Koeva

Abstract

This is a study of the political sphere from the perspective of the public choice theory. It analyses the political markets in comparison to the private markets within the microeconomic theoretical framework (methodological individualism, rational choice theory, self-interest axiom). Part one studies the similarities (scarcity constraints; choosing, rational and self-interested individuals; competition), as well as the differences (institutional constraints, the individual cost-benefit calculus, time dimension of the decision-making process, consequences of the individual choice, responsibility, etc.) in the two types of markets. Part two compares the private and political market failures. Part three analyses in-depth a particular pathology in the political markets: the phenomenon of the voter’s rational apathy (ignorance/abstention).

Suggested Citation

  • Stefka Koeva, 2008. "Private Markets and Political Markets: A Comparative Analysis," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 30-57.
    • Handle: RePEc:bas:econst:y:2008:i:1:p:30-57
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    References listed on IDEAS

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    5. George Stigler, 1972. "Economic competition and political competition," Public Choice, Springer, vol. 13(1), pages 91-106, September.
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    8. Mueller,Dennis C., 2003. "Public Choice III," Cambridge Books, Cambridge University Press, number 9780521894753.
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    More about this item

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • H10 - Public Economics - - Structure and Scope of Government - - - General

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