Black Hole Tariffs and Endogenous Policy Theory PDF
By:Stephen P. Magee,William A. Brock,Leslie Young
Published on 1989-08-25 by Cambridge University Press
This book provides a special interest theory of protection, developing a full general equilibrium theory that explains the distribution of income with goods markets, factor markets, lobbies, political parties, and voters all pursuing their self interest. This probabilistic voting model shows how well-organized groups can use seemingly irrational government policies to exploit poorly organized groups. Given rational predatory behavior between these groups, protection or any other redistributive policy that improves the chances of election of a party increases political efficiency. This can create an economic black hole, conditions under which an entire economy can disappear into lobbying. Paradoxically, the tariff rates accompanying an economic black hole are very low. The economic waste is confined to lobbying costs. The book contains both theoretical and empirical work explaining protection in the United States (1900-1988) and levels of protection in about sixty foreign countries in the 1980s.
This Book was ranked at 4 by Google Books for keyword Black hole.
Book ID of Black Hole Tariffs and Endogenous Policy Theory's Books is WVDgdh2hfNcC, Book which was written byStephen P. Magee,William A. Brock,Leslie Younghave ETAG "vJvzyhejvYk"
Book which was published by Cambridge University Press since 1989-08-25 have ISBNs, ISBN 13 Code is 9780521377003 and ISBN 10 Code is 0521377005
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Book which have "438 Pages" is Printed at BOOK under CategoryBusiness and Economics
Book was written in en
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