Description
Book SynopsisIn this fully revised second edition of a well-regarded and popular text, Patrick McNutt presents more ideas and challenges to all those interested in political economy and public choice. The author evaluates a range of public choice concepts including rent-seeking, voting and voter behaviour, and the growth of government and bureaucracy. New material in this second edition includes:
- the introduction of a moral choice set and a new methodology for the treatment of the concept of fairness
- a positive theory of rent-seeking with empirical estimates
- the issue of legal barriers to entry and related themes; in particular how a legal barrier can affect consumer welfare
- a critical evaluation of the exchange and allocation of economic power and income inequality in developing countries
- an overview of the global political economy which identifies the contribution of public choice.
Trade ReviewAcclaim for the second edition:
'This is a careful and knowledgeable exploration of the field. The book's stimulating lesson is that in public choice economics, matters are far more complex and subtle than they appear. Other contributors to the arena will want to turn to this text for directions for original work of their own.' -- William J. Baumol, New York University and Princeton University, US
Acclaim for the first edition:
'An excellent introduction to the topic for people who have not previously studied it . . . and useful as a review for specialists in the field and in particular for those sub-specialists who are working only in part of the public choice field, and would benefit in being brought up-to-date on other parts.' -- Gordon Tullock, The Economic Journal
'This authoritative text offers a refreshing insight into traditional public choice territory, using diagrammatic exposition coupled with insightful commentary. Each chapter develops its arguments from the first principles to a comprehensive review of the main issues.' -- Public Administration, Development, and Environment
'A new, insightful and up-to-date survey that covers both the social and public choice literature and the game theoretic approaches to each.' -- Dennis C. Mueller, Universitat Wien, Austria
Table of ContentsContents: Preface Preface to the Second Edition 1. An Overview 2. A Moral Public Choice Set 3. Social Choice and Voting 4. The Political Economy of Voting 5. The Growth of Government 6. Bureaucracy and Government Output 7. Classic Rent-seeking 8. Legal Barriers to Entry and Compensation 9. Economic Analysis of Clubs 10. The Anarchy of Legitimacy 11. The Conspiracy of Equality 12. Global Political Economy References Index
