Question

Briefly explain the public choice approach?​

Answer 1

Public choice theory holds that individual behavior within the political system is motivated by incentives similar to those motivating behavior in the private sector. Monetary rewards, to be sure, play an important role in the decisions of public officials; many of them do get rich.

Answer 2

Answer:

Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science".[1] Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents (voters, politicians, bureaucrats) and their interactions, which can be represented in a number of ways – using (for example) standard constrained utility maximization, game theory, or decision theory.[1]

Public choice analysis has roots in positive analysis ("what is") but is often used for normative purposes ("what ought to be") in order to identify a problem or to suggest improvements to constitutional rules (i.e., constitutional economics).[1][2][3]

Public choice theory is also closely related to social choice theory, a mathematical approach to aggregation of individual interests, welfares, or votes.[4] Much early work had aspects of both, and both fields use the tools of economics and game theory. Since voter behavior influences the behavior of public officials, public-choice theory often uses results from social-choice theory. General treatments of public choice may also be classified under public economics.[5]

Explanation:

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