Much of the most interesting and controversial work in analyzing
democratic institutions over the recent past has its intellectual
origins in public choice economics. The analytical apparatus
derived for the study of human behavior in markets is applied to a
political setting. The electoral process is viewed as a kind of
market in which the currency is votes and party competition is the
primary mechanism by which the policies that citizens want are
ensured. This book explores the advantages and problems with
democratic institutions in a series of essays representing a
variety of disciplinary perspectives. The public choice analysis
provides a basis for deep-seated political skepticism with which
widespread unquestioning enthusiasm for democracy must be
confronted. Whether this is a challenge that proponents of
democracy can meet is itself an interesting matter. No less
interesting and important is the understanding of democracy and the
refinement of political theorizing to which the challenge gives
rise.
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