Econ 333 Oct 28 Ch 9

Econ 333 Oct 28 Ch 9 - International Trade Policy Chapter 9...

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International Trade Policy Chapter 9
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Before Econ 333, had your heard of: WTO fast track, Seattle (not the coffee), Doha, trade negotiations, etc. Can you explain what any of these terms mean? There is a reason we need to learn this chapter.
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Political Economy Different meanings over time and in other subjects 1700-1800s: How production was organized (Adam Smith, Malthus); now called economics; Interdisciplinary studies (political science especially) on how political institutions and the economy influence each other; Using rational choice theory or game theory to explain areas outside traditional producers/consumers such as laws, voting, treaties, and international trade policies: how and why of policies.
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Political Economy Tools Public Choice : political decisions are made by voters, politicians, government officials, each maximizing something, under the rules of a given political system, with ‘better’ or ‘worse’ measured by something like social utility (Pareto optimality) Special Interest Groups : Interest of members different from whole nation, especially organized group seeking to influence political outcomes Median Voter : Continuum of views of voters and majority-wins election means satisfying the median person’s conditions wins a candidate the election Rent Seeking : Government can give special market privileges, raising profits (rents) so participants vie for them
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Econ 333 Oct 28 Ch 9 - International Trade Policy Chapter 9...

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