Economic Theories of Politics and Public Finance

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Abstract
Over the last twenty years a succession of theories of politics has appeared of which the hallmark is an attempt to adapt utilitarian marginalism to the purpose of political explanation. Theories in this intellectual style may be designated ‘economic’ theories of politics since utilitarian marginalism was first developed in the context of economic theorizing; its invention was indeed the birth of a notion of ‘economies’ as distinct from the ‘political economy’of Smith, Ricardo, Marx and J. S. Mill. Anthony Downs pioneered the economic approach with his bravura economic theory of democracy in 1957, which remains probably the best-known example of it. Many of the fundamental objections to economic theories of politics were explored by C. B. Macpherson in 1961 in a brief but penetrating essay; but Macpherson's essay was not decisive in checking the popularity of such theories. Despite his criticism, they have continued to proliferate.

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