Specialized Scientific Quarterly Journal of Accounting Strategies

Political Economy of Policy Making; Explanation of Public Choice Theory

Articles in Press

Document Type : Review article

Author

Amirhossein Ehsanifard

Student public administration university of Tehran

Abstract
In this section, we examine the political economy of policymaking and explain Public Choice theory as an analytical framework. A key aspect to be addressed here is the role of policies in understanding decision-making processes and their socio-economic impacts. Public Choice theory is a branch of political economy that analyzes individual behavior within economic and political contexts, operating on the premise that individuals act in accordance with their own self-interest (Buchanan & Tullock, 1962). By emphasizing the challenges of collective decision-making and the influence of power and interests on policies, this theory facilitates a deeper understanding of policymaking processes (Olson, 1965).

Public Choice Theory has also significantly influenced numerous economic studies by incorporating tools from economics into political science and drawing upon certain institutionalist characteristics (Rezaei & Movahedi Bek-Nazar, 2010, p. 1). Finally, the importance of applying Public Choice Theory to the analysis of economic and social policies and decisions—as well as the criticisms leveled against the theory—will be addressed; the role of this theory in enhancing the quality of decision-making by politicians and other actors will also be examined (Tullock, 2019).

Keywords

Political economy
public choice
actors and politicians
Gordon Tullock
Olson
Subjects

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