Public Choice - A Primer

The term 'market failure' is frequently used by politicians, journalists, and economics students, yet many lack a realistic understanding of the government's ability to address these failures. This gap is partly due to insufficient knowledge of Public Choice economics, which examines human behavior within government processes. Understanding this discipline is crucial for anyone involved in public policy. If we acknowledge that political actors—such as elected officials, bureaucrats, and voters—often act in their own self-interest rather than for the public good, our confidence in government interventions to rectify market failures diminishes. Eamonn Butler provides a clear primer on this complex area of economics, highlighting the limitations of government intervention and the implications for designing effective governmental systems. This topic is particularly relevant in today's political discussions. The text serves as an important resource for those looking to grasp the appropriate role of government in economic matters.