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Public Economics Week 5 LT Notes £10.49
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Lecture notes

Public Economics Week 5 LT Notes
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In-depth annotated notes for Week 5 lecture slides. Written by someone who attained a first class in this subject. Content that is not necessarily written down but important from information from lecturer.

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  • October 15, 2024
  • 29
  • 2022/2023
  • Lecture notes
  • Kate smith
  • Lent term week 5

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POLITICAL ECONOMY

EC 325
London School of Economics

,Motivation: Positive vs normative approach to public policies

• Public Finance talks a lot about how policies should be.
• But the way government is set up constrains the set of implementable
policies.
• Political Economy is about trying to understand positively how public
policies are.
• Outline
1. The intricacies of social choice
2. Democracy in an economic model
3. Institutions and the political Coase theorem
4. The scope of government

, Motivation: Social Choice

• We can think of policy decisions as a problem of collective decision-
making.

• Many of the institutions of government attempt to solve this problem
by creating rules for how individual input leads to collective action.

• Main problem: individuals have different preferences and opinions
about what policies are desirable.

• This seemingly trite observation leads to paradoxes!

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