Theory of political exchange economic reasoning in political analysis

This study provides a perspective of the fundamental elements of political systems and reasons about them in a manner derived from economic theory. Going beyond the socio-psychological correlates of social action, it develops a genuinely interactional conception of the bases of political action and thought. Representing a new and pro vocative departure in the theory and analysis of politics, this work forms an important source for economists and political scientists, as well as for professional sociologists.
A Theory of Political Exchange con tributes to the progress of a new genre in political science. It advances an axiomatic view of politics, describes the central aspects of the polity, and provides an analysis of the connection between political inputs (resources) and outputs (public policies). It achieves all this at a level suitable for political scientists not familiar with formal economic theory, and it provides a framework around which empirical research can be organized.
Beginning with a concern for the treatment of exchange as something mutually advantageous to people involved politically, even though they may be in conflict, the study then offers qualification through the introduction of the notion of power, and other factors. The book continues into discussions of the major political exchange arenas, analyses of the operation of power in political market structures, and descriptions of the process by which political output priorities are ranked and political inputs are orga nized and transformed into political outputs.
The work is summarized with a wide ranging discussion of the implications for further work in the field using the described formulation of political ex change as a point of departure. Together with an extensive bibliography, this work forms a pioneering approach to the study of political systems and represents a substantial contribution to the literature of the field.