{"product_id":"black-hole-tariffs-and-endogenous-policy-theory-political-economy-in-general-equilibrium-hardback-9780521362474","title":"Black Hole Tariffs and Endogenous Policy Theory; Political Economy in General Equilibrium (Hardback) 9780521362474","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eBlack Hole Tariffs and Endogenous Policy Theory\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003ePolitical Economy in General Equilibrium\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cem\u003eThis book provides a special interest theory of protection.\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eStephen P. Magee (Author), William A. Brock (Author), Leslie Young (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780521362474, Cambridge University Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 25 August 1989\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e460 pages\u003cbr\u003e23.1 x 15.5 x 2.8 cm, 0.84 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e\"Sixteen years have elapsed since Brock and Magee began their promising work on the theory of protection.  Now they and Leslie Young have shown that our wait has been properly rewarded.  Here is a wide-ranging and highly imaginative treatment of protectionism and the underlying theory of coalitions.\"   George J. Stigler\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eThis 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. Given rational predatory behaviour between these groups, protection or any other redistributive policy that improves the chances of election of a party increases political efficiency. This can create an economic black hole, conditions under which an entire economy can disappear into lobbying. Paradoxically, the tariff rates accompanying an economic black hole are very low. The economic waste is confined to lobbying costs. The book contains both theoretical and empirical work explaining protection in the United States (1900–88) and levels of protection in about sixty foreign countries in the 1980s.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePreface\u003cbr\u003e Acknowledgments\u003cbr\u003e list of results\u003cbr\u003e 1. A preview of the results\u003cbr\u003e 2. Endogenous policy theory: a diagrammatic approach\u003cbr\u003e Part I. Endogenous Policy Theory with Specific Factors: The Theory of Industry Tariffs in Partial Equilibrium: 3. The probabilistic voting model of political efficiency and powerless politicians\u003cbr\u003e 4. Endogenous lobbying theory and the contribution specialization theorem\u003cbr\u003e 5. Endogenous tariff theory\u003cbr\u003e 6. The power function model of endogenous industry lobbying\u003cbr\u003e 7. Three simple tests of the Stolper-Samuelson theorem\u003cbr\u003e 8. The invisible foot and the waste of nations: lawyers as negative externalities\u003cbr\u003e Part II. Endogenous Policy Theory in General Equilibrium: A Long-Run Theory of National Tariff Levels: 9. The 2 x 2 x 2 x 2 model of endogenous redistribution theory\u003cbr\u003e 10. A prisoner's dilemma theory of endogenous protection: the Leontief model\u003cbr\u003e 11. The compensation effect and the multiple equilibrium trap\u003cbr\u003e 12. increasing returns to politics and factor endowments: economic development and Brazilian vitality versus the Indian disease\u003cbr\u003e 13. Endogenous protection in the United States, 1900–88\u003cbr\u003e 14. A Cobb–Douglas model\u003cbr\u003e 15. Black hole tariffs\u003cbr\u003e 16. The endowment effect: cross-national evidence on endogenous tariffs\u003cbr\u003e Part II. Postscript: 17. The senile-industry argument for protection\u003cbr\u003e 18. Optimal obfuscation and the theory of the second worst: the politically efficient policy\u003cbr\u003e Mathematical appendices\u003cbr\u003e References\u003cbr\u003e Author index\u003cbr\u003e Subject index.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: International trade [\u003ca title=\"See our other books on International trade\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22International%20trade%20%5BKCLT%5D%22\"\u003eKCLT\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":46007133896984,"sku":"9780521362474","price":100.56,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/products\/9780521362474i_1f7488c3-db89-4a5f-bcb1-779fe3c6690a.jpg?v=1691375729","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/black-hole-tariffs-and-endogenous-policy-theory-political-economy-in-general-equilibrium-hardback-9780521362474","provider":"Freshly Printed Books","version":"1.0","type":"link"}