ECON 2000 1st Edition Lecture 23Outline of Last Lecture XX. Externality hands ona. Exampleb. Graphc. Solutions?d. ValuesOutline of Current LectureI. Public Choice Economicsa. Definitionb. Typesc. Elected officialsd. BureaucratsII. Political Happeningsa. Increase importance/ influence of special interest groupsb. Log –rolling: politicians trading votesc. Inefficient and or poor out comes with voting mechanismd. WastefulCurrent LectureI. Public Choice Economicsa. Definitioni. Individuals who comprise government act rationally and in their own self interestb. Typesi. Elected officialsii. Non-elected bureaucrats1. Appointed by other people in officec. Elected officialsi. Their goal is to maximize their votes1. They want power and wealthd. Bureaucratsi. Maximize power and prestige of their positionThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.ii. This way their job isn’t taken II. Political Happeningsa. Increase importance/ influence of special interest groupsb. Log –rolling: politicians trading votesi. Becomes a problem when one politician says “ill vote for your policy if you vote for mine. c. Inefficient and or poor out comes with voting mechanismi. Someone who votes who doesn’t really have an opinion counteracts another person with a strong (well researched) opiniond. Wastefuli. Any money that the government spends is
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