Liberty Discussion on “Public Choice Theory”
Liberty Discussion is a program designed to engage and inform the core members on the ideas of market economy and classical liberal ideas. Discussions are made on the contemporary issues (local or national) through open market perspective. Article is selected and shared within the members to prepare oneself for the program. The program is organized at the venue of Bikalpa – an Alternative on every alternative Saturday (twice a month).
On 19 May 2018, the members of Liberty Discussion Group sat down at “Bikalpa Office to discuss the article “Public Choice Theory“
It was the open discussion among the participants. During the discussion different opinion was forwarded with the explanation. Some pondered their opinion that public choice theory is distinct from collective choice theory. Collective choice looks at how human beings live and interact collectively to bring collective actions. While Public choice theory is a branch of economics that developed from the study of taxation and public spending. Generally, we tend to think that government is a benevolent factor in society to solve all the problem but public choice theory suggests us that as like in marketplace there are many actors in a political setup marketplace who have pushed ahead only because of self-interest. Due to such reason collective decision making and its implications on market space could not achieve the desired result by the government.
The participants also discussed how different School of thought also plays a divisive and dominating role in decision making. Similarly, the participant also enfolded key insights on since politician has to fulfill the promises of Lobby group and their cadres, nevertheless, they really think about the general voters. It is very important for us to enlarge our choices through marketplace rather than government incentives Schemes. Further participant also discussed on Government Spending and Private Spending where they agreed on that Government doesn’t utilize public money as rationally as Individual spent in private life. Also, there is lack of incentives for voters to monitor government effectively which also stands as one of the major underpinnings of public choice theory.