Private Markets and Political Markets: A Comparative Analysis

Stefka Koeva

Economic Studies journal, 2008, issue 1, 30-57

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).

JEL-codes: D70 D72 H10 (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econst:y:2008:i:1:p:30-57

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