Government Failure and Public Choice Theory - Populist Conservatism #12

Public choice theory is the name for when you apply an economic analysis to the government. This video examines three main waves of analysis: classical public choice theory, Donald Wittman’s rebuttal based on firms as brand names, and Bryan Caplan’s theory that voters are rationally irrational - that voters put social status ahead of real world fundamentals.

Chapters
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0:00 Rational Ignorance
2:38 Regulatory Capture
12:18 Voters and Regulations
16:31 Donald Wittman’s Rebuttal
28:48 Rational Irrationality