Prior to beginning work on this discussion, read Tim Worstall’s article, One Benefit of Nancy MacLean’s Democracy in Chains – Public Choice and Rent Seeking Popularised (Links to an external site.).
Based on the article’s information and Chapter 14 in your textbook, especially Sections 14.1 and 14.2, respond to the following:
- What is the public choice idea or theory?
- Explain what rent seeking is.
- How can you combine the ideas of public choice and rent seeking?
- Choose one real-world example of combining public choice and rent seeking to evaluate.
Your initial post should be a minimum of 300 words.