The 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 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.