In public choice theory and political science, capture is said to occur when bureaucrats or politicians, who are supposed be acting in the public interest, end up acting systematically to favor particular vested interests. Public choice in economic theory is the use of modern Economic tools to study problems that are traditionally in the province of Political science. Political science is a branch of Social sciences that deals with the theory and practice of Politics and the description and analysis of Political systems A bureaucrat is a member of a Bureaucracy, usually within an institution of the Government. A politician (from Greek " Polis " is an individual who is involved in influencing public decision making through the influence of Politics or a person The public interest refers to the "common well-being" or "general welfare Vested interest is a Communication theory that seeks to explain how influences impact behaviors The theory of capture is associated with the Nobel laureate economist George Stigler, one of its main developers. This is a list of Nobel Prize Laureates awarded for their outstanding contributions to Humanitarian causes for Peace, work in Literature George Joseph Stigler ( January 17, 1911 December 1, 1991) was a U
Public choice theory holds that capture is inevitable, because vested interests have a concentrated financial stake in the outcomes of political decisions, thus ensuring that they will find means—direct or indirect—to capture decision makers.
While this inevitablist application of rational choice theory appears to some as excessively pessimistic about government, others claim to have observed capture. Rational choice theory, also known as rational action theory, is a framework for understanding and often formally modeling social and economic behavior
An alternative theory states that capture actually takes place in the opposite direction, as governments use the privileges bestowed on certain interest groups as an excuse to control them and force them to serve the aims of politicians and bureaucrats.
Others still contend that the above is overly optimistic, stating that no one actually benefits from political redistribution, since competition must eventually eliminate every profit from political activity and the completely unproductive efforts people must make to get their share of the loot eventually absorb most of the rent and the redistributed wealth is actually lost for everyone.
Finally, yet others accept Stigler's theory of regulatory capture and expand it. Jon Hansen[1] and his co-authors agree that regulatory agencies can be captured by powerful corporate interests, and argue that all institutions, from the media to academia to popular culture, can be captured by powerful corporate interests, a phenomenon they call "deep capture. "[2]
Quotes
In 1913 Woodrow Wilson wrote:
"If the government is to tell big business men how to run their business, then don't you see that big business men have to get closer to the government even than they are now? Don't you see that they must capture the government, in order not to be restrained too much by it? Must capture the government? They have already captured it. Year 1913 ( MCMXIII) was a Common year starting on Wednesday (link will display the full calendar of the Gregorian calendar (or a Common Thomas Woodrow Wilson (December 28 1856—February 3 1924 was the twenty-eighth President of the United States. "[3]
See also
References
- ^ Jon Hanson
- ^ Jon Hanson & David Yosifon, The Situation: An Introduction to the Situational Character, Critical Realism, Power Economics, and Deep Capture, 152 U. Public choice in economic theory is the use of modern Economic tools to study problems that are traditionally in the province of Political science. A military-industrial complex (MIC is a concept commonly used to refer to Policy relationships between Governments national Armed forces, and industrial Regulatory capture is a term used to refer to situations in which a Government regulatory agency created to act in the public interest instead acts in favor of the commercial Revolving door is a Political science concept used to the describe the phenomena in capitalist societies where employees cycle between roles in an industry Pa. L. Rev. 129 (2003).
- ^ An introduction to the world we live in
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