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A 19th-century precursor of modern public choice theory was the work of Swedish economist Knut Wicksell, [10] which treated government as political exchange, a quid pro quo, in formulating a benefit principle linking taxes and expenditures. [11]
Legalism is a Chinese political philosophy that holds that self-interest underlies human nature and therefore human behavior. [1] It is axiomatic in Legalism that a government can not truly be staffed by upright and trustworthy men of service, because every member of the elite—like any member of society—will pursue their own interests and thus must be employed for their interests. [2]
The public interest theory of regulation claims that government regulation acts to protect and benefit the public. [1] The public interest is "the welfare or well-being of the general public" and society. [2] Regulation in this context means the employment of legal instruments (laws and rules) for the implementation of policy objectives.
The invisible hand is a metaphor inspired by the Scottish economist and moral philosopher Adam Smith that describes the incentives which free markets sometimes create for self-interested people to accidentally act in the public interest, even when this is not something they intended. Smith originally mentioned the term in two specific, but ...
Anthony Downs (November 21, 1930 – October 2, 2021) was an American economist specializing in public policy and public administration.His research focuses included political choice theory, rent control, affordable housing, and transportation economics.
Public Service Motivation (PSM) is an attribute of government and non-governmental organization employment that explains why individuals have a desire to serve the public and link their personal actions with the overall public interest. Understanding the theory and practice of PSM is important in determining the motivations of individuals who ...
In his lectures at the Collège de France, Foucault often defines governmentality as the "art of government" in a wide sense, i.e. with an idea of "government" that is not limited to state politics alone, that includes a wide range of control techniques, and that applies to a wide variety of objects, from one's control of the self to the "biopolitical" control of populations.
Businesses have an incentive to control anything that has power over them, including the media, academia and popular culture, and will try to capture them too. This is called "deep capture". [16] Regulatory public interest is based on market failure and welfare economics. It holds that regulation is the response of the government to public needs.