Description
Politics as Exchange presents a novel framework for understanding political systems by applying marketplace economics to political decision-making. Randall G. Holcombe argues that political actors, like economic actors, respond to incentives and engage in exchanges that benefit themselves. The book examines how this economic perspective reveals the rational foundations of seemingly irrational political choices.
Through this lens, Holcombe investigates how political institutions emerge, evolve, and function as mechanisms for facilitating political exchange. He demonstrates that understanding politics as a market clarifies why certain policies persist despite public opposition, how political coalitions form and dissolve, and why institutional reforms often fail to achieve their intended goals.
Part of the Cambridge Studies in Economics, Choice, and Society series, this work bridges public choice theory with institutional analysis, offering insights valuable to economists, political scientists, and policy scholars seeking deeper understanding of political organization and behavior.
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