Towards a “New” outrageous public choice

Abstract

Public choice theory has identified and emphasised “failings” in political processes. However, an assessment of “failure” is sensitive to the framework used for evaluation. Recent developments in cognitive psychology and in experimental economics suggest that “deficiencies” in the political process (ie. “defects” that weaken the link between self interest and policy outcome) are, instead, attractive attributes (which safeguard individuals from the costs of “anomalous behavior”). A “new” public choice perspective (outrageously!) identifies “strengths” (as well as “failings”) in democratic political processes when what has been regarded as “anomalous” behavior is deemed relevant.