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Theoretical and Applied Economics
No. 2 / 2015 (603), Summer

Public choice and the social beneficiary

Mariana IOVIȚU
Bucharest University of Economic Studies, Romania
Florina BRAN
Bucharest University of Economic Studies, Romania

Abstract. Using the scientific tools for the positive-normative binomial approach, the present paper deals with the manner in which the “second best theory” represents the basis for the “public choice theory” in terms of rational allocation of resources between economy’s different components (sectors). For example purposes, it was examined the manner in which the ecological efficiency is found in the economic decision assessment system. Any development program that will be limited to the purely economic interactions, neglecting thus the repercussion on the social and ecological component is, from the start, unrealistic because not everything that is economically efficient is also socially efficient. The governmental intervention aims to correct the market failures in terms of rational resource allocation.

Keywords: public choice theory, the second-best theory, ecological efficiency, externalities, self-organized governance.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016


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