A model of representative government in which any citizen can choose to be a candidate for political office. The model assumes that all voters have preferences among a set of policies, that a winner is chosen from among the declared candidates by a voting process, and that once in office the winner implements their preferred policy. The model provides an explanation of how economic policies can emerge from a political process and demonstrates, under certain assumptions, that the outcome of voting is efficient. See also median voter theorem.
|Reference: Oxford Press Dictonary of Economics, 5th edt.|