Individuals, separately and in groups, make decisions concerning the use of economic resources. They do so in at least two capacities: first, as purchasers (sellers) of goods and services in organized markets, and, secondly, as “purchasers” (“sellers”) of goods and services through organized political processes. Economic theory has been developed largely to explain the workings of organized markets, and the trained economist understands how decentralized decisions are mutually co-ordinated so as to produce allocative results that are internally consistent. Economists, especially English and American, have devoted little time and effort to an explanation of individual behavior in the second decision process.
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