An article in the Economist on the work of the late Nobel Laureate James Buchanan made the
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a. What does government failure mean in this context? How does public choice theory help us to understand how government could fail systematically?
b. The same article notes that "rent-seeking is a very useful concept to have around when thinking about policy." What is rent seeking? Why is the concept useful when thinking about policy?
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a Government failure means that sometimes government intervention will r...View the full answer
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