POLITICAL ECONOMY

As we have seen, markets left on their own do not always reach a desirable allocation of resources. When we judge the market’s outcome to be either inefficient or inequitable; there may be a role for the government to step in and improve the situation. Yet before we embrace an activist government, we need to consider one more fact: The government is also an imperfect. institution. The field of political economy (sometimes called the field of public choice) applies the methods of economics to study how government works.

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