An Austro-Libertarian Critique of Public Choice
An Austro-Libertarian Critique of Public Choice

Author(s): Thomas J. DiLorenzo, Walter E. Block
Subject(s): Economy, Political Theory, Economic policy, Government/Political systems, Political economy, Financial Markets, Fiscal Politics / Budgeting
Published by: Addleton Academic Publishers
Keywords: political economy; economy; theory; Public Choice School; Austro-Libertarian Critique; failures; Voluntary Government; The Calculus of Consent; Constitutional Economics; Monopoly; competition; Rent Seeking; Taxation;
Summary/Abstract: We do not say that the Public Choice School has not made any positive contribution to political economy. It has. The originators of it, James Buchanan and Gordon Tullock, along with their many followers and collaborators, have done important work on rational voter theory, setting up a meeting agenda, game theory, etc. Nor can we object to the application of economic theory to political issues. Far from it. However, the present book seeks to uncover its many failures. For example, the fact that underneath the veneer of its supposed adherence to value-free positive analysis lies a value-laden support for statism. To wit, its emphasis and reliance on “theoretical unanimity” not the actual unanimity incorporated in every commercial act under free enterprise. We also take issue with its nomenclature “rent seeking” albeit not the concept itself. Why pick on innocuous “rent” to describe crony capitalism?

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