Maturity of Social Institutions and the Questionable Foundations of Public Choice Theory
The last decade in Russia has been marked by an expansive growth of interest to measuring the level of institutional maturity and quality. These measurements are carried out through international comparisons, correlation coefficients between the quality of institutions and GDP are calculated. However, these estimations are mostly possible within the framework of assumptions of the public choice theory. The paper attempts to prove that this theory uses the same assumption of homo oeconomicus, as conventional microeconomics. Therefore, the public choice theory has the same shortcomings that may be attributed to the neoclassical paradigm as a whole.
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