Public Choice Analysis in Historical Perspective

Investigates the relevance of the history of economic thought to public finance economics.

Is the history of economic thought an essential part of the training of public finance economists? Sir Alan Peacock argues that the perspective gained by studying the origins of public choice analysis can offer an important stimulus to scientific progress.In this volume, Sir Alan Peacock, one of Britain's most noted public economists, poses the question as to whether the history of economic thought is an essential part of the training of public finance economists. He argues that the perspective gained by studying the origins of public choice analysis can offer an important stimulus to scientific progress. The first lecture analyses the increasing popularity in recent years of the modernist, anti-historical point of view. The second criticises those theories of growth in government expenditure which ignore the political process. The third lecture draws on Adam Smith and David Hume to extend the conventional economic model of bureaucracy. In the final lecture, Peacock considers the problem of controlling public sector growth and points to ways of overcoming them. The book ends with short commentaries by seven public economists.