Choose one real-world example of combining public choice and rent seeking to evaluate ?

Expert Solution

Public Choice theory focuses on people's decision making process within the political realm. Rent seeking is the attempt to gain a legal privilege that then makes you money.

"Combining rent- seeking and public coice theory in the analysis of tariff versus qoutas" is a real world example that discussed by many Economists. In the cases of tariff versus quotas ,it is not believed that we have yet sufficient knowledge of all of the relevant political economy considerations to predict about the full effects of legislation which allowed trade protection to only take the form of tariffs. So to maximize aggregate economic efficiency with respect to level of protection also suggests that the net lobbying for qoutas is likely to be higher on average than the net lobbying for tariffs. Concludingly it says that the Public Choice and Rent- Seeking theory is consistent with the empirical evidence,that were qoutas are used protection is high.

Rahul Sunny answered 1 year ago

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