Rethinking Public Choice

Book excerpt: Innovative in its approach, Rethinking Public Choice reviews the concept of public choice since the 1950s post war period and the application of economics to political practices and institutions, as well as its evolution in recent years attracting contributions from political science and philosophy. Examining the growing variety of theoretical orientations on the topic, such as entangled political economy and additive political economy, the book provides new analytical insights into combining the old and new to establish a more unified political economy. Richard Wagner expertly highlights the key issues an entangled economy can bring, including incomplete information and its constant evolution as it reflects ever changing public choice ideas. Wagner seeks to extend the reach of public choice by distinguishing the formal idea of rationality that has dominated public choice from the immensely varied practice of human action that opens up now directions for public choice. This insightful approach will prove an excellent resource for academics and scholars of economics and political science, as well as those within the field of public administration as it offers an excellent blend of all subjects.