Economics of Public Choice, Second Edition

In 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 fairnessa positive theory of rent-seeking with empirical estimatesthe issue of legal barriers to entry and related themes; in particular how a legal barrier can affect consumer welfarea critical evaluation of the exchange and allocation of economic power and income inequality in developing countriesan overview of the global political economy which identifies the contribution of public choice.