Should Law Professors Teach Public Choice Theory?
Public choice theory purports to explain and predict the behavior of political agents (politicians, bureaucrats, voters, and rent seekers) on the assumption that they are instrumentally rational. According to this assumption, an agent will pursue his subjective ends by choosing the course of action that, given his beliefs, is both conducive to that end and personally cheapest. Agents may be mistaken in their beliefs about means and costs, but this does not by itself detract from their rationality. They choose the least costly means to their ends, given their beliefs.