Public Choice and Rent Seeking
Read Tim Worstall’s article, https://www.forbes.com/sites/timworstall/2017/08/06/one-benefit-of-nancy-macleans-democracy-in-chains-public-choice-and-rent-seeking-popularised/#612124736aca and use Amacher, R. and Pate, J. (2019). Principles of microeconomics (2nd ed.). Retrieved from https://content.ashford.edu as a resource.Based on the article’s information and Chapter 14 in the book, 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.
