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ECO 481: Public Choice Theory

ECO 481: Public Choice Theory. Introduction to Public Choice. Dr. Dennis Foster 523-8178, FCB #308 Office Hours –Wed: 1:30 pm - 5:30 pm; and by appointment. What is it all about?. “New theory.” Are public “actors” different than private ones? Voter=consumer and politician=businessman

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ECO 481: Public Choice Theory

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  1. ECO 481:Public Choice Theory Introduction to Public Choice Dr. Dennis Foster 523-8178, FCB #308 Office Hours –Wed: 1:30 pm - 5:30 pm; and by appointment.

  2. What is it all about? • “New theory.” • Are public “actors” different than private ones? • Voter=consumer and politician=businessman • Even where we agree about private sector, gov’t is involved. • Toy regulation on Stossel:http://www.youtube.com/watch?v=-r3aMsXPmXQ) • Does government solve all our problems? Does it solve any? “Too late, too much, too long.” • “Welfare economists” – focus on “market failure.” • They’re looking for flaws in a perfect system!

  3. Can government deliver on promises? • Health care? Jobs? Global warming? • Are fiscal improvements “not only thinkable but even fashionable and, perhaps, politically expedient?” • Public choice as a theory of government failure. • Some observations: • Government isn’t the default for fixing “problems.” • Market alternatives getting more serious attention. • Decentralization & competition viewed more favorably. • Review reading list for weeks 1 and 2.

  4. ECO 481:Public Choice Theory Introduction to Public Choice Dr. Dennis Foster 523-8178, FCB #308 Office Hours –Wed: 1:30 pm - 5:30 pm; and by appointment.

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