Economics of Public Choice

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The second edition of this book is due for publication later this year. In the interim, check out the book profile at my publisher’s web page: In the newly expanded second edition of this book, I expand on many of the earlier topics. In the introductory chapters the domain of public choice has been expanded to include a new concept of fairness, which called ‘mapping-fairness’ or ‘m-fairness’. It is presented rather provocatively as a possible basis for an ethical standard for public choice. In later chapters a Tobit model of rent-seeking has been added as a compliment to the theoretical overview of the rent-seeking paradigm.

In a chapter on barriers to entry I critically evaluate legal barriers to entry and the issue of compensation for incumbents in a deregulated market. The final chapters on democracy and voting, address the legitimacy of a political system, focuses on the disenfranchised and presents non-voting as a rational response.

In a final chapter examining the issue of income inequality, a new theory is posited as I attempt to dispel the notion that the case against inequality has been decisively won. Some concluding notes on the possible contribution of public choice to a global political economy are added in the final chapter of the book.

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