Combining the best of three separate traditions—the theory of macroeconomic policy, public choice, and rational choice in political science—Torsten Persson and Guido Tabellini suggest a unified approach to the field. As in modern macroeconomics, individual citizens behave rationally, their preferences over economic outcomes inducing preferences over policy. As in public choice, the delegation of policy decisions to elected representatives may give rise to agency problems between voters and politicians. And, as in rational choice, political institutions shape the procedures for setting policy and electing politicians. The authors outline a common method of analysis, establish several new results, and identify the main outstanding problems.
Combining the best of three separate traditions—the theory of macroeconomic policy, public choice, and rational choice in political science—Torsten Persson and Guido Tabellini suggest a unified approach to the field. As in modern macroeconomics, individual citizens behave rationally, their preferences over economic outcomes inducing preferences over policy. As in public choice, the delegation of policy decisions to elected representatives may give rise to agency problems between voters and politicians. And, as in rational choice, political institutions shape the procedures for setting policy and electing politicians. The authors outline a common method of analysis, establish several new results, and identify the main outstanding problems.
In celebration of Caribbean American Heritage Month in June, we are sharing a collection of books by Caribbean American and Caribbean authors that includes fiction, memoir, non-fiction, and history. Find a full collection of titles here.
On Monday, May 5, three Penguin Random House authors were honored with a Pulitzer Prize. Established in 1917, the Pulitzer Prizes are the most prestigious awards in American letters. To date, PRH has 143 Pulitzer Prize winners, including William Faulkner, Eudora Welty, Josh Steinbeck, Ron Chernow, Anne Applebaum, Colson Whitehead, and many more. Take a look at our 2025 Pulitzer Prize
In June, we celebrate Black Music Appreciation month and the influential Black musicians and artists who have brought entertainment to their communities and beyond, and inspired others to make their own art. Collection of titles for Black Music Appreciation Month
In June we celebrate Lesbian, Gay, Bisexual, Transgender, Queer, Intersex, and Asexual + (LGBTQIA+) Pride Month, which honors the 1969 Stonewall riots in Manhattan. Pride Month is a time to both celebrate the accomplishments of those in the LGBTQ+ community and recognize the ongoing struggles faced by many across the world who wish to live
