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Résumé : Public policy is designed in a marketplace in which policymakers and well-connected interest groups negotiate with each other. This is more than an analogy. There is an actual marketplace in which legislators exchange votes and other favors, and lobbyists and interest groups offer legislators benefits in exchange for supporting programs and policies they favor. The good that is supplied in the political marketplace is access to government power. An important characteristic of the political marketplace is that only a small subset of the population is able to participate in it. Most people face high transaction costs that exclude them from being able to participate in the political marketplace. The political elite engage in politics as exchange, while most people are unable to transact in the political bargaining process.