Chapter 16

Chapter 16 - Special Interest legislation legislation with...

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Chapter 16 – 10/16/07 Quasi-Public Good – a good that is non-rival in consumption but exclusive, such as cable tv Open acess good – a good that is rival in consumption but nonexclusive such as ocean fish Free Rider Problem – because a public god is nonexclusive, people may try to reap the benefits of the god without paying for it Median voter model – under certain conditions, the preferences of the median, or middle, voter will dominate the other preferences Rational Ignorance – a stance by voters when they find that the cost of understanding and voting on a particular issue exceeds the benefit expected from doing so Traditional Public Goods legislation – legislation that involves wider=spread costs and widespread benefits, nearly everyone pay and nearly everyone benefits
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Unformatted text preview: Special Interest legislation legislation with concentrated benefits but widespread costs Pork Barrel Spending special interest legislation with narrow geographical benefits but funded by all taxpayers Populist Legislation Legislation with widespread benefits but concentrated costs Competing Interest Legislation Legislation that confers concentrated benefits on one group by imposing concentrated costs on another group Underground economy An expression used to describe market activity that goes unreported either because it is illegal or because those involved want to evade taxes Bureaus Government agencies charged with implementing legislation and financed by appropriations from legislative bodies...
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This note was uploaded on 04/29/2008 for the course EC 11 taught by Professor Kelly during the Fall '07 term at Fairfield.

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