ISBN 9780521362474 | 0521362474 Textbooks - "Black Hole Tariffs and Endogenous Policy Theory Political Economy in General Equilibrium" by Stephen P Magee William A Brock Magee Leslie Young Stephen P William A Brock Leslie Young

Authors: Stephen P. Magee - William A. Brock - Magee - Leslie Young - Stephen P. & William A. Brock…
ISBN 10: 0521362474
ISBN 13: 9780521362474
Release: August 25, 1989
Format: Hardcover (458 pages)
List Price: $54.00
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List Price: $54.00

Tags: Business & Investing, Economics, International,

Book Description:
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.

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Black Hole Tariffs and Endogenous Policy Theory: Political Economy in General Equilibrium