“Public choice,” of course, is just a highfalutin circumlocution for “politics.” But the name is usually applied to the leading neoclassical version articulated by James Buchanan and Gordon Tullock in The Calculus of Consent.
This theory has a number of obvious attractions for libertarians, which I will briefly describe. Unfortunately, because its drawbacks outweigh these attractions, it needs to be replaced by an updated version of what might be called the Founders’ older “theory of American public choice.”
The problem is by no means peculiar to the theory of public choice, but rather is a general one apparent in all branches of neoclassical economic theory. This requires some explanation.