Political Capitalism and the Power of Elites: Randall Holcombe
The Answer Is Transaction Costs
Navigating Public Choice and Political Theory
This chapter explores the speaker's academic journey through influential writings and experiences at the University of Florida and Virginia Tech. It contrasts market and government failures and critiques the romanticized view of government as a product of mutual agreement, framing it instead as rooted in coercion. The discussion extends to the theory of clubs, examining consent and coercion within smaller groups compared to the overarching dynamics of government structures.
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