The public choice perspective and Knight's institutionalist bent

Abstract

A close scrutiny of a sample of the works of the chief protagonists of the Public Choice 'Revolution' is a revelation. Endless cases of contradiction, basic assumptions and motivations which have much in common with Marxism are detected. Knight's legitimizing role is an illusion (not to say a fraud). Knight's affinities with the institutionalists are established. Distinction is made between the contradictions assignable to the Ricardian Vice and unavoidable contradictions arising from complexities in the phenomena and partiality in the theories. The languages of abstract, applied an professional economics are identified and critically examined.