An economic theory of democracy

Published in 1957, 'An Economic Theory of Democracy' by Anthony Downs argues that economic theory can be applied to non-market political decision-making.

The book develops an analytical model that follows the paradigms of economic theory and adopts an empirical, data-led approach.

It introduces the concept of rational choice theory, where society is composed of rational actors pursuing self-interest.

Downs' model explains how voters and politicians behave in democratic systems, including the tendency of two-party systems to exhibit ideological convergence and the role of information costs in political decision-making.

The book also discusses the paradox of voting and the median voter theorem, which are central to understanding democratic politics.