Pub Date : 2022-03-31DOI: 10.55795/jpc.2022.1.1.001
R. Holcombe
Political capitalism is an economic and political system in which the economic and political elite cooperate for their mutual benefit. Rent-seeking is one of the mechanisms that the elite use to generate gains to themselves at the expense of the masses. Analyzing rent-seeking within the political capitalism framework yields insights about the rent-seeking process. There is a barrier to entry in rent-seeking process which reduces competition for rents and increases the return to the rent-seeking group. This produces a net gain that recipients of rents—the economic elite—share with the political elite for their mutual benefit. One result is that rent-seeking losses are smaller than would be possible in the traditional theory. When such limits on rent-seeking are ineffective and discriminatory, massive rent-seeking can occur which dissipates the benefits of rent-seeking and generates the kind of losses Krueger (1974) discussed in her classic article.
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Pub Date : 2022-03-31DOI: 10.55795/jpc.2022.1.1.045
E. Butler
In recent years, the Public Choice School scholars argue that public policymaking has its own failures. Public Choice scholars pointed out that the people who make public decisions – politicians or bureaucrats - are in fact just as self-interested as anyone else. They are, after all, the same people; individuals do not suddenly become angels when they get a job in government. We call it ‘democracy’, but actually it is politics, and political interests to colour the whole process. People do not vote at elections out of ‘public interest’, but they vote to promote their own interests. The politicians and bureaucrats also have personal interests of their own. So the Public Choice School economists suggest that it might be better to leave the markets alone, rather than replace market failure by an even worse government failure. Over the last few decades, the Public Choice School’s arguments have had a growing effect to explain real politics. In established democracies, there is more recognition of the private interests of legislators and bureaucrats, and of the need to restrain them. In addition, policies designed to restrain public decision making, inspired by the Public Choice School, are becoming more common. In this essay, I attempt to explain the Public Choice School’s main idea and various issues in a conceptual and critical way.
{"title":"The Public Choice Analysis of Market Failures and Government Failures","authors":"E. Butler","doi":"10.55795/jpc.2022.1.1.045","DOIUrl":"https://doi.org/10.55795/jpc.2022.1.1.045","url":null,"abstract":"In recent years, the Public Choice School scholars argue that public policymaking has its own failures. Public Choice scholars pointed out that the people who make public decisions – politicians or bureaucrats - are in fact just as self-interested as anyone else. They are, after all, the same people; individuals do not suddenly become angels when they get a job in government. We call it ‘democracy’, but actually it is politics, and political interests to colour the whole process. People do not vote at elections out of ‘public interest’, but they vote to promote their own interests. The politicians and bureaucrats also have personal interests of their own. So the Public Choice School economists suggest that it might be better to leave the markets alone, rather than replace market failure by an even worse government failure. \u0000Over the last few decades, the Public Choice School’s arguments have had a growing effect to explain real politics. In established democracies, there is more recognition of the private interests of legislators and bureaucrats, and of the need to restrain them. In addition, policies designed to restrain public decision making, inspired by the Public Choice School, are becoming more common. In this essay, I attempt to explain the Public Choice School’s main idea and various issues in a conceptual and critical way.","PeriodicalId":211752,"journal":{"name":"Korea Public Choice Association","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123848563","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-31DOI: 10.55795/jpc.2022.1.1.075
Jongduck Park
The objective of this study is to examine the Middle East and North Africa (MENA) region and its challenges from the perspective of development with a goal to break down and make better sense of what seems to be the complexities and 'idiosyncrasies' of this region. The primary issues and concerns for the MENA countries have largely been perceived and dealt with through the vantage point of addressing conflicts in the geopolitical and historical context. In light of this, applying developmental approach that is multidisciplinary to understand and meet the challenges of the MENA region in a fundamental way would have many benefits, opening a new window of opportunities, academically and policy wise. From such stance, this paper focuses on and explains what are considered to be the three fundamental and core 'conditions' or tasks for the countries in the region: state-building and nation-building; participatory development; and capability of state. The importance of looking at the 'big picture' of the reality in the manner of reflection and metacognition is underscored.
{"title":"Political Economic Perspectives on the Development of the Middle East and North Africa","authors":"Jongduck Park","doi":"10.55795/jpc.2022.1.1.075","DOIUrl":"https://doi.org/10.55795/jpc.2022.1.1.075","url":null,"abstract":"The objective of this study is to examine the Middle East and North Africa (MENA) region and its challenges from the perspective of development with a goal to break down and make better sense of what seems to be the complexities and 'idiosyncrasies' of this region. The primary issues and concerns for the MENA countries have largely been perceived and dealt with through the vantage point of addressing conflicts in the geopolitical and historical context. In light of this, applying developmental approach that is multidisciplinary to understand and meet the challenges of the MENA region in a fundamental way would have many benefits, opening a new window of opportunities, academically and policy wise. From such stance, this paper focuses on and explains what are considered to be the three fundamental and core 'conditions' or tasks for the countries in the region: state-building and nation-building; participatory development; and capability of state. The importance of looking at the 'big picture' of the reality in the manner of reflection and metacognition is underscored.","PeriodicalId":211752,"journal":{"name":"Korea Public Choice Association","volume":"15 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114245643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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