Politics as exchange

Randall G. Holcombe

Chapter 85 in Elgar Encyclopedia of Public Choice, 2025, pp 619-622 from Edward Elgar Publishing

Abstract: Politics as exchange is more than an analogy. Public policy is designed through an exchange process in which political elites—legislators, lobbyists, agency heads, and other well-connected individuals—negotiate among themselves in a political marketplace. They face low transaction costs, so they are able to negotiate to maximize the value of public policy to themselves. Most people face high transaction costs, so they are unable to negotiate in the political marketplace. There is a political marketplace, but most people are excluded from participating in it.

Keywords: Political exchange; Transaction costs; Elites and masses; Interest groups (search for similar items in EconPapers)
Date: 2025
ISBN: 9781802207743
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