Public Choice Theory: James Buchanan

Public Choice Dept: More basically, it was about the economics of politics -- and how organized special interests, for example, dominate policy-making, according to Winnipeg Free Press. The famous so-called Iron Triangle is classic public choice theory where the three points of the triangle co-operate to advance their own interests almost always at great cost to the general public or better, the unorganized, dispersed taxpayer and one of our era's most important economists has passed away. James Buchanan was known as one of the founders of the public choice school of economics. He who won a Nobel Prize in economics for his research in 1986, referred to "public choice" as the theory of politics without romance. It holds that bureaucrats and politicians may talk about the public interest but they are like normal people and will advance their own interests in the policy-making process. This means expanding power and budgets and public spending. (www.immigrantscanada.com). As reported in the news.