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Private Markets and Political Markets: A Comparative Analysis

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  • Stefka Koeva
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    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).

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    Bibliographic Info

    Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Studies.

    Volume (Year): (2008)
    Issue (Month): 1 ()
    Pages: 30-57

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    Handle: RePEc:bas:econst:y:2008:i:1:p:30-57

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    1. Martin Feldstein, 1980. "The American Economy in Transition," NBER Books, National Bureau of Economic Research, Inc, number feld80-1.
    2. George Stigler, 1972. "Economic competition and political competition," Public Choice, Springer, vol. 13(1), pages 91-106, September.
    3. Hume, David, 1739. "A Treatise of Human Nature (II) Of the Passions," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 2, number hume1739a.
    4. Hume, David, 1740. "A Treatise of Human Nature (III) Of Morals," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 3, number hume1740.
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