Question

Explain public interest theory versus public choice theory is simple words.

Answer 1

Public Interest theory explains in general terms that regulation of the production and benefit of the public at large.

Public interest and can further described as the best possible allocation of scarce resources for individual and collective source.

Whereas public choice theory takes the same principles that economist used to analyse people's actions with Marketplace and applies them to People's actions in collective decision making .They notice and work on consumer behaviour and what affects that the most of the consumer buy the particular product.