Public Transit and Public Choice
By Arnold Kling
Here is Public Choice theory boiled down to three sentences, by‘Jane Galt’.
The liberal mantra is that the market fails. The free market mantra is that government fails worse. And I think the weight of empirical evidence is on our side.
For example consider urban rail transit subsidies. Rachel DiCarlo concludes,
when it comes to rail transit, it’s the taxpayers who are chasing their tails. And they will continue to do so. That is, until they demand a reckoning of costs versus benefits and insist that elected officials at all levels stop making decisions that would get any CEO and his board of directors fired for incompetence.
(Here is more background on Public Choice Theory)
For Discussion. Markets provide accountablity in the private sector. What are the challenges in providing accountability in the public sector?