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Economic theory of politics is an analytical model which assumes that politicians are vote maximizers and voters are utility maximizers.
Each voter is assumed to support the political party that will provide him with the highest degree of utility when it is elected.
Politicians, motivated by self-interest and the desire for public office, formulate policies which will [...]

Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.” When eBay recognized that people were unable to locate some of the items they desired most and created an online auction clearinghouse or when IKEA noticed that people wanted good furniture at a substantially [...]

American economist George Arthur Akerlof (1940- ) first noted adverse selection problem (sometimes referred to as the lemon problem), which arises from the inability of traders/buyers to differentiate between the quality of certain products.

The most cited example is the second hand car industry, in which a trader dealing in, for example, Minis possesses product information [...]

Identified by French engineer and economist Jules Dupuit (1804-1866) and later developed by English economist Alfred Marshall (1842-1924), consumer surplus theory assumes that the price paid by consumers for a good never exceeds and seldom equals the amount they are willing to pay rather than forgo the good.
The satisfaction derived from the good is greater [...]

First examined by French engineer and economist Jules Dupuit (1804-1866) and later developed by 20th century economists, cost benefit analysis is the determination of the total value of a proposed investment’s inputs and outputs.

Cost benefit analysis examines opportunity costs, externalities, shadow prices and estimates of future interest rates.
The technique was first used in the assessment [...]