Black Hole Tariffs and Endogenous Policy Theory

Author: Stephen P. Magee
Publisher: Cambridge University Press
ISBN: 9780521377003
Format: PDF, ePub
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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.

Harwood Fundamentals of Pure and Applied Economics

Author: J. Lesourne
Publisher: Psychology Press
ISBN: 9780415269070
Format: PDF, Mobi
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The Harwood Fundamentals of Pure and Applied Economics series was a groundbreaking attempt to provide a comprehensive overview of modern economics. A series of short books - arranged into thematic sections - provides state-of-the-art accounts of key areas within the discipline. Although never completed, the series produced several landmark books. It is notable for: * charting the emergence of vibrant new areas of economics (eg 'positive' political economy) * the numerous examples it gives of major innovations like game theory and the new institutional economics re-vitalizing traditional areas of economics * attracting some of the most talented economists of its generation, including Avinash Dixit, Drew Fudenberg, Thomas Palfrey and Jean Tirole This collection reprints the series in its entirety, making all titles available in hardback for the first time, either as individual volumes, or bound together in mini-sets organized by sub-discipline.

The WTO and the Political Economy of Trade Policy

Author: Wilfred Ethier
Publisher: Edward Elgar Pub
Format: PDF, Kindle
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Covers topics such as unilateral and multilateral trade policies, international trade agreements and administered protection. This book presents a discussion of the political economy approach, the development of multilateral trade agreements, the trade and internal motives that guide unilateral trade policy.