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Lecture Public economics (5th edition) - Chapter 6: Public choice theory

Lecture Public economics (5th edition) - Chapter 6 discuss the Rawlsian theory of justice and comment on its relevance to recent political developments in South Africa, explain the median voter theory and indicate its potential strengths and weaknesses, discuss the meaning and importance of Kenneth Arrow’s impossibility theorem, consider whether logrolling (or vote trading) is an efficient means of improving the outcomes of a majority voting system. | OXJORD UNIVERSITY PRESS SOUTHERN AFRICA Public Economics Chapter 6 Public Choice Theory Oxford University Press Southern Africa Pty Ltd 2011 OXFORD UNIVERSITY PRESS Learning outcomes Discuss the Rawlsian theory of justice and comment on its relevance to recent political developments in South Africa Explain the median voter theory and indicate its potential strengths and weaknesses Discuss the meaning and importance of Kenneth Arrow s impossibility theorem Consider whether logrolling or vote trading is an efficient means of improving the outcomes of a majority voting system Explain the theory of optimal voting rules and consider the question of whether it does indeed provide an optimal rule for majority voting Discuss the maximising behaviour of politicians and bureaucrats and consider the implications of such behaviour for majority voting Explain the origins and consequences of rent-seeking . SOUTHERN AFRICA Oxford University Press Southern Africa Pty Ltd 2011 OXFORD UNIVERSITY PRESS The unanimity rule The unanimity-voting rule means that each member or representative group within a community must support a proposal before it becomes the collective decision. Pareto-optimal outcome - collective decisions in the interests of all parties Positive sum game. SOUTHERN AFRICA Oxford University Press Southern Africa Pty Ltd .