Schools of Thought in Classical Liberalism Part 3: Public Choice Theory
In part 3 of our NEW video series, Dr. Nigel Ashford discusses Public Choice Theory. Throughout the series, Dr. Ashford reminds you to keep in mind this question: What is the proper role of government and how can it be limited? In regards to this question, Public Choice theory argues 2 points:
1.) That rational people would mutually agree upon limited government, also known as a “social contract”
2.) That all people, including politicians are primarily motivated by their own self-interest.
Public Choice says that, because politicians are motivated by their own self-interest, they have the incentive to grow the size of government beyond the size of the “social contract.”
So, what is the proper role of government according to this school of thought? A limited government that protects individual rights, provides public goods, and address externalities.
To see the entire series check out our playlist: http://www.learnliberty.org/content/schools-thought-classical-liberalism