Black Hole Tariffs and Endogenous Policy Theory: Political Economy in General Equilibrium
Stephen P. Magee, PhD, et al
August 25, 1989
This book provides a special interest theory of protection, developing a full general equilibrium theory that explains the distribution of income with goods markets, factor markets, lobbies, political parties, and voters all pursuing their self interest. This probabilistic voting model shows how well-organized groups can use seemingly irrational government policies to exploit poorly organized groups.