The Political Implications of the Public Choice - Property Rights School

The public choice-property rights perspective is an important intellectual movement aimed at refurbishing and broadening the scope of classical microeconomic reasoning. This paper assesses the political implications of the “school†–its ability both to generate significant political insights and hypotheses and to use political arguments and findings to buttress the assumptions of microeconomic theory.I conclude that, in the main, neither effort realizes its goal. What we do find revealed by a study of the political implications of the perspective is a well-developed, if generally unacknowledged, normative position, a position that deflects attention from the major sources of power in society and thus complicates the articulation of prescriptions or recommendation statements.