What Should Government Do? Problems of Social Cost, Externalities and all That
Public Choice as a field introduced the framework for a methodical economic analysis of political markets. The output of these markets, of course, is reflected by the role that government plays. That is specifically true with respect to the organization of economic activity. Gordon Tullock has studied a myriad of aspects of this topic for more than half a century. We examine his answers to the question of “What should government do?” and how they have influenced and are still impacting the discussion on the proper role of government in the economy.
“What Should Government Do? Problems of Social Cost, Externalities and all That” (with Michael Reksulak), Public Choice 152(1–2) (July 2012), pp. 103–114.