The Concise Encyclopedia of Economics
FEATURED ARTICLE

Public Choice

William F. Shughart II

Public choice applies the theories and methods of economics to the analysis of political behavior, an area that was once the exclusive province of political scientists and sociologists. Public choice originated as a distinctive field of specialization a half century ago in the works of its founding fathers, Kenneth Arrow, Duncan Black, James Buchanan, Gordon Tullock, Anthony Downs, William Niskanen, Mancur Olson, and William Riker. Public choice has revolutionized the study of democratic decision-making processes....

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ALSO OF INTEREST

Defense

Benjamin Zycher

Entrepreneurship

Russell S. Sobel

Protectionism

Jagdish Bhagwati

European Union

Marian L. Tupy

Property Rights

Armen A. Alchian

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FEATURED BIOGRAPHY

Jacob Viner

(1892-1970)

Economics historian Mark Blaug called Jacob Viner "the greatest historian of economic thought that ever lived." One of Viner's greatest accomplishments is his book Studies in the Theory of International Trade. This work is not just a history of the theory of international trade but also a guidebook that tells where the early economists who studied trade were wrong and where they were right. In it Viner decisively refuted fallacies of mercantilism....

Viner is known for his view that the long run matters.... One of the articles included in Viner's book, "Cost Curves and Supply Curves," lays out the short-run and long-run cost curves that still show up in microeconomics texts....

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