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This book considers the connections between macroeconomics and government politics. The central idea is the existence of a political economic equilibrium in which the government acts to dampen the business cycle. Special attention is given to relevant data and to the possibility of hypothesis testing. This is a revised and extended study edition that is updated to include topics such as political business cycles, government debt, and deficit and social security.
Recent decades have seen the study of politics invaded by economic theories, methods and techniques. This book gives a concise, non- technical account of these 'public choice' theories and examines their influence upon government policies in English-speaking countries. Issues covered include slimming the state, privatising welfare and re- structuring government. Final chapters offer an alternative view of the basis of good government. This book offers a unique survey and critique of the ideas and influence of an important branch of political thought and its links with market theories.
Jac C. Heckelman, John C. Moorhouse and Robert Whaples The eight chapters of this volume are revised versions of papers originally presented at the "Applications of Public Choice Theory to Economic History" conference held at Wake Forest University, April 9-10, 1999. They all apply the tools of public choice theory to the types of questions which economic historians have traditionally addressed. By adding the insights of public choice economics to the traditional tools used to understand economic actors and institutions, the authors are able to provide fresh insights about many important issues of American history. 1. DEVELOPMENTS IN PUBLIC CHOICE THEORY Economists have historically sought to develop policies to improve social welfare by correcting perceived market failures due to monopoly power, externalities, and other departures from the textbook case of the purely competitive model. An underlying assumption is that the public sector, upon recognizing the market failure, will act to correct it. Applied work often develops the conditions under which these policies will be optimal. The public choice movement has questioned the false dichotomy established by welfare economists. Economists of all persuasions assume traditional private market actors, such as entrepreneurs, managers, and consumers, are self-interested rational maximizers. Why should this not hold for all economic agents? The innovation of public choice analysis is to show what happens when public sector actors, such as politicians, bureaucrats, and voters, also behave as rational self-interested maximizers.
Public choice is the study of behavior at the intersection of economics and political science. Since the pioneering work of Duncan Black in the 1940s, public choice has developed a rich literature, drawing from such related perspectives as history, philosophy, law, and sociology, to analyze political decision making (by citizen-voters, elected officials, bureaucratic administrators, lobbyists, and other "rational" actors) in social and economic context, with an emphasis on identifying differences between individual goals and collective outcomes. Constitutional political economy provides important insights into the relationship between effective constitutions and the behavior of ordinary political markets. In Readings in Public Choice and Constitutional Political Economy, Charles Rowley and Friedrich Schneider have assembled an international array of leading authors to present a comprehensive and accessible overview of the field and its applications. Covering a wide array of topics, including regulation and antitrust, taxation, trade liberalization, political corruption, interest group behavior, dictatorship, and environmental issues, and featuring biographies of the founding fathers of the field, this volume will be essential reading for scholars and students, policymakers, economists, sociologists, and non-specialist readers interested in the dynamics of political economy.
Macroeconomics: Private and Public Choice discusses the principle of macroeconomics, particularly government expenditure, taxation, public choice theory, and labor markets. The book also covers aggregate supply, fiscal policy, inflation, unemployment, traditional Keynesian theory, low productivity, rapid inflation. The text explains international economics and comparative systems such as the export-import link, export taxes, and foreign finance. It analyzes the existence of trade barriers as being due to domestic protectionism policies, special interest nature of trade restrictions, and economic illiteracy. The book examines the economics of government failure, namely, the collective decision-making process as being both beneficial and limited of public sector economic action. Among the reasons cited for government failure are voter ignorance, inefficient public policy, existence of special interests, imprecise knowledge of consumer preferences, as well as government shortsightedness. The book also examines why government intervention in some activities can be beneficial, for example, weak market competition or monopoly, uninformed consumers, and when conditions of external benefits can be achieved. Economists, sociologists, professors in economics, or policy makers involved in economic and rural development will find the text valuable.
Discusses voting, tax policy, government regulation, redistribution of wealth, and international negotiation in a new approach to government
Economics: Private and Public Choice is an aid for students and general readers to develop a sound economic reasoning. The book discusses several ways to economic thinking including six guideposts as follows: (i) scarce goods have costs; (ii) Decision-makers economize in their choices; (iii) Incentives are important; (iv) Decision-makers are dependent on information scarcity; (v) Economic actions can have secondary effects; and (vi) Economic thinking is scientific. The book explains the Keynesian view of money, employment, and inflation, as well as the monetarist view on the proper macropolicy, business cycle, and inflation. The book also discusses consumer decision making, the elasticity of demand, and how income influences demand. The text analyzes costs and producer decisions, the firm under pure competition, and how a competitive model functions. The book explains monopoly, and also considers the high barriers that prevent entry such as legal barriers, economies of scale, and control over important resources. The author also presents comparative economic systems such as capitalism and socialism. This book can prove useful for students and professors in economics, as well as general readers whose works are related to public service and planning in the area of economic development.