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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.
This is a study of the way individuals organise the use of resources in order to maximise the value of their economic rights over these resources.
This book is the third installment in a series of volumes looking at episodes in American economic history from a public choice perspective. Each chapter discusses citizens, special interests, and government officials responding to economic incentives in both markets and politics. In doing so, the book provides fresh insights into important periods of American history, from the Rhode Island’s 1788 Referendum on the U.S. Constitution and the political influence of women’s clubs in the United States. The volume features economic historians such as Ruth Wallis Herndon, junior public choice scholars such as Jayme Lemke and Leo Krasnozhon, and political scientists such as Michael Faber. This volume will be useful for researchers and students interested in economics, history, political science, economic history, public choice, and political economy.
Mancur Olson wrote important books in the area of Collective Choice and is considered one of the founding fathers of Public Choice as a field of economics. The chapters in this volume cover three main areas of Olson's life work: Collective Action, Institutional Sclerosis and Market-Augmenting Government. Some chapters directly assess Olson`s contributions, focusing on distinguishing what was original in his works from what was already in the literature, and guaging his impact on the fields of public economics and economic history. Other chapters present new tests and frequently extend his work. Each of the chapters is a new piece of scholarship inspired by and intended to honor Mancur Olson, and extend his influence to another generation of Collective Choice scholars and researchers.
Offering a fascinating biography of a foundational theory, Amadae reveals not only how the ideological battles of the Cold War shaped ideas but also how those ideas may today be undermining the very notion of individual liberty they were created to defend.
Discusses how standard economics may be improved by an understanding of moral philosophy.
This introductory text explores the theory of social choice. Written as a primer suitable for advanced undergraduates and graduates, this text will act as an important starting point for students grappling with the complexities of social choice theory. Rigorous yet accessible, this primer avoids the use of technical language and provides an up-to-date discussion of this rapidly developing field. This is the first in a series of texts published in association with the LSE.
This text gives students a framework for analyzing public policy choices. The unique "political economy" approach focuses on the institutions and market processes that contribute to the solving of public problems.
This classic study — one of the most influential in the area of American economic history — questioned the founding fathers' motivations and prompted new perceptions of the supreme law of the land.