Study Guide 9/18 - State vs. Private Ownership- Should firms be privately owned or government controlled? Private ownership is crucial when there is a large incentive to innovate and contain costs. Government regulation should come into play when firms fail to address “social Goals” 9/21 - “Understanding Bureaucratic Behavior, Implications from the Public Choice Literature.”-Why do most people think that bureaucrats are aloof and uncaring, and why are bureaus inefficient and unproductive? Bureaucracies are too large physically cannot fulfill their duties. They need to be decentralized and rely on local govt more. 9/23 – A rational theory of the size of government-in all “western” countries, governments have been growing and taxes have been rising for over a hundred years, why? Voters think that they can put their debt on future generations who will be richer so they allow it. 9/28 – The electoral budget cycle
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