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In this fully revised second edition of a well-regarded and popular
text, Patrick McNutt presents more ideas and challenges to all
those interested in political economy and public choice. The author
evaluates a range of public choice concepts including rent-seeking,
voting and voter behaviour, and the growth of government and
bureaucracy. New material in this second edition includes: * the
introduction of a moral choice set and a new methodology for the
treatment of the concept of fairness * a positive theory of
rent-seeking with empirical estimates * the issue of legal barriers
to entry and related themes; in particular how a legal barrier can
affect consumer welfare * a critical evaluation of the exchange and
allocation of economic power and income inequality in developing
countries * an overview of the global political economy which
identifies the contribution of public choice.
In this accessible yet rigorous textbook, Patrick McNutt presents a
clear and refreshing approach to a wide range of topics in law,
economics and antitrust. The issues covered include duty and
obligation, contracting, liability, property rights, efficient
entry, compensation, oligopoly pricing, issues in strategic
antitrust and merger analysis. Using a selection of case studies
where appropriate, and examples based in game theory, the book
examines these issues from both a law and economics and a
microeconomics perspective. Emphasis is placed on a thorough
assessment of the economic and legal arguments, blending the
rigours of microeconomic analysis with common law standards. The
analysis contained in the book will not only review, and indeed
adapt neoclassical economic analysis but will also apply some of
the methodology from the relatively new paradigm known as 'law and
economics' to many of the issues. The book also addresses the
increasing overlap between emerging approaches in public choice and
in law and economics. Practitioners in competition law and
regulation of utilities will draw great value from this original
and pertinent volume, as will scholars in the areas of regulation,
competition law, competition policy and law and economics.
In this accessible yet rigorous textbook, Patrick McNutt presents a
clear and refreshing approach to a wide range of topics in law,
economics and antitrust. The issues covered include duty and
obligation, contracting, liability, property rights, efficient
entry, compensation, oligopoly pricing, issues in strategic
antitrust and merger analysis. Using a selection of case studies
where appropriate, and examples based in game theory, the book
examines these issues from both a law and economics and a
microeconomics perspective. Emphasis is placed on a thorough
assessment of the economic and legal arguments, blending the
rigours of microeconomic analysis with common law standards. The
analysis contained in the book will not only review, and indeed
adapt neoclassical economic analysis but will also apply some of
the methodology from the relatively new paradigm known as 'law and
economics' to many of the issues. The book also addresses the
increasing overlap between emerging approaches in public choice and
in law and economics. Practitioners in competition law and
regulation of utilities will draw great value from this original
and pertinent volume, as will scholars in the areas of regulation,
competition law, competition policy and law and economics.
In this insightful book, Patrick McNutt explores the meaning of Law
within a political environment, and advances many new ideas and
concepts first addressed in his earlier book Law, Economics and
AntitrustThe joint use of both economic and legal reasoning is well
supported by the carefully selected examples and case studies,
which clarify the issues under review. This, together with the
application of simple game theory language to explain the complex
legal and economic concepts and to assemble the arguments
throughout each of the chapters, provides an innovative exposition
of the political economy of law. The book discusses a range of
issues from legal, economic and ethical platforms, with a reference
to intuitive argument, the debate between ethics and law, and case
precedent. Topics explored include a discussion on the role of law
and ethics, tort liability, property rights and neo-Walrasian
antitrust. The author also covers lawlessness and criminal intent,
internet markets and intellectual property rights, and competition,
co-operation, and governance. This innovative work will be an
invaluable resource to legal scholars, practitioners, judiciary and
postgraduate students in law and in economics. Philosophy scholars,
economists and government policymakers interested in public policy
initiatives will also find this a useful and informative book
In this fully revised second edition of a well-regarded and popular
text, Patrick McNutt presents more ideas and challenges to all
those interested in political economy and public choice. The author
evaluates a range of public choice concepts including rent-seeking,
voting and voter behaviour, and the growth of government and
bureaucracy. New material in this second edition includes: * the
introduction of a moral choice set and a new methodology for the
treatment of the concept of fairness * a positive theory of
rent-seeking with empirical estimates * the issue of legal barriers
to entry and related themes; in particular how a legal barrier can
affect consumer welfare * a critical evaluation of the exchange and
allocation of economic power and income inequality in developing
countries * an overview of the global political economy which
identifies the contribution of public choice.
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