Published Saturday, June 23, 2007 by Thomas J. DiLorenzo
Public-choice theory — the application of economic theory and methodology to the study of politics and political institutions — has been based primarily on neoclassical price theory, applied to the the operations and activities of governments. But, writes Thomas DiLorenzo, if neoclassical price theory is itself flawed, then perhaps its applications to the study of political decision-making have produced uncertain results. DiLorenzo explores two strands of Austrian economics — theories of competition and of entrepreneurship — and their implications for public-choice theory.
(Original Text)
Can Governments Function Like Markets? Austrian Insights into Public-Choice Theory (7.31 MB)