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Sam Peltzman is one of the world's leading economists, and the
essays in this collection are central to the modern canon in
political economy. These ten articles and an original introduction
respond to two broad questions: How does government work? How do
voters and their elected representatives make decisions? Given the
media's portrayal of the cynical political atmosphere in America,
Peltzman's responses are rather surprising--the electorate really
does make well-informed decisions and elected officials actually do
tend to vote according to their constituents' interests. These
conclusions bear the stamp of the Chicago approach to political
economy (which applies microeconomic principles to political
phenomena), an approach that has had considerable success
explaining why certain government policies have not achieved their
intended effects.
This collection reflects Peltzman's long career studying the
interface between the private economy and the public sector. It
will be essential to anyone who wishes to study government activity
and voting behavior from an economic perspective.
Although the airline, railroad, telecommunications, and electric
power industries are at very different stages in adjusting to
regulatory reform, each industry faces the same critical public
policy question: Are policymakers taking appropriate steps to
stimulate competition or are they turning back the clock by slowing
the process of deregulation? This volume addresses that issue and
identifies the next steps that policymakers should take to enhance
public welfare in the provision of these services. Each chapter
identifies the central policy issues that have arisen in each
industry as it undergoes transformation to a deregulated
environment. The authors reveal the flaws in the residual
regulations and make the case for faster and more comprehensive
deregulation. A concluding chapter identifies how interest groups
continue to exert influence on regulatory agencies and on Congress,
potentially undermining deregulation. The papers included here were
initially presented in December 1999 at a conference sponsored and
organized by the AEI?Brookings Joint Center for Regulatory
Studies.
This book uses economic theory to analyze the different aspects of organized crime. The theory of rent-seeking is adopted to help understand the origin of criminal organizations, while modern industrial organization theory is used to explain the design of internal rules. The market behavior of organized crime is analyzed, the "crime and economics" approach being applied to the analysis of corruption that occurs when the organized crime sector and the government collude to exploit their monopoly on rule-making. Each chapter outlines the normative results of the analysis in order to design more sophisticated deterrence policies.
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