Ch. 6 Outline - Outline Chapter 6 The Economics of...

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Outline Chapter 6 The Economics of Collective Decision Making A. Announcements There are topics in this lecture that are not covered in your text and will be on the exam. I recommend that students take notes. B. The size of government 1. How big is government? a. b. 2. Shifting from state and local to federal a. b. c. C. A comparison of government and the marketplace 1. In both sectors actors compete for resources 2. In the market actors bare the full costs of their choices a. b. 3. Even in government resources are scarce 4. The market is voluntary with mutual agreement while government is ruled by the majority and coercive if necessary a. 5. In the market decisions are discrete, item by item, while voting requires choosing a bundle of positions 6. Income and power are distributed differently in both. a. b. D. Public choice – the branch of economics that applies the principles and methodologies of economics to the operation of the political process 1. The study of public choices made by self-interested political actors: politicians,
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This note was uploaded on 09/08/2010 for the course ECON 1B at San Jose State.

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Ch. 6 Outline - Outline Chapter 6 The Economics of...

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