This post explores why public choice theory—despite its relevance to real-world governance—remains missing or misunderstood in public policy curricula.
What they need is a reader of case studies where Public Choice Theory improved policy outcomes. Having read about Public Choice Theory for decades, have my doubts that learning about the “theory” will be of any use to policy makers.
That’s a valid critique. Public Choice Theory often points out what’s wrong but doesn’t always show how to fix it. I do think it can still be useful, especially when we look at real examples where understanding incentives helped improve policies. Maybe instead of focusing too much on the theory, we need to tell more stories where it worked in practice. Would love to hear if you’ve seen any examples like that.
I write mainly about US monetary policy, US fiscal policy, trade/industrial policy, and climate change policy.
I have my opinions about which US political party is by far the least bad and they are not hard to figure out, but I try to keep my analysis of the issues non-partisan.
Keynes said, “Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.”
Thank you so much for reading the piece! I'd love to explore more grounded examples too. As mentioned in another reply to a comment it will be useful, when we look at real examples where understanding incentives helped improve policies. Maybe instead of focusing too much on the theory, we need to tell more stories where it worked in practice.
What they need is a reader of case studies where Public Choice Theory improved policy outcomes. Having read about Public Choice Theory for decades, have my doubts that learning about the “theory” will be of any use to policy makers.
That’s a valid critique. Public Choice Theory often points out what’s wrong but doesn’t always show how to fix it. I do think it can still be useful, especially when we look at real examples where understanding incentives helped improve policies. Maybe instead of focusing too much on the theory, we need to tell more stories where it worked in practice. Would love to hear if you’ve seen any examples like that.
I’d love to know if there are any such stories.
There is a relation to the perpetual “rules vs discretion” debate.
Hi
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I write mainly about US monetary policy, US fiscal policy, trade/industrial policy, and climate change policy.
I have my opinions about which US political party is by far the least bad and they are not hard to figure out, but I try to keep my analysis of the issues non-partisan.
Keynes said, “Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.”
I want to be that scribbler.
Thanks,
Thankyou Sir, please share some case studies or papers in the Indian context.
Thank you so much for reading the piece! I'd love to explore more grounded examples too. As mentioned in another reply to a comment it will be useful, when we look at real examples where understanding incentives helped improve policies. Maybe instead of focusing too much on the theory, we need to tell more stories where it worked in practice.