During my formal training in economics, I mainly learned price theory (also known as microeconomics) and theories related to economic development. Only after I was done with my Ph.D. did I learn about public choice theory and constitutional political economy. Those are my favorites. Let’s talk about public choice.
What is public choice? It is not “private choice.” When you choose something in your private capacity, that’s private choice. You are self-interested and choose to do the best you can for yourself and your loved ones. You try to get the most bang for your buck, so to speak. Your private choices affect you only and you reap the benefits or suffer the costs of your choices. It’s karma. Continue reading “Public Choice Theory”
Atanu Dey : Life is a Random Draw 