In the competition for a monopoly right in which the number of bidders is fixed, Tullock and others have found the value of the resources spent in the aggregate to capture the transfer to be sometimes less than and sometimes greater than the value of the monopoly. We think this approach to be...

The conventional (Chicago) wisdom about the Great Contraction is that it was the result of a massive policy failure. According to this view, the collapse of the economy was brought about mostly by the fact that the monetary policymakers of the day were more concerned with internal power...

Over the past fifty years, the public choice research program has generated important insights into collective decision-making processes, especially as they operate within the political institutions of Europe and North America. Despite a half-century of progress, a great deal of unfinished...

This special issue of Public Choice was designed to afford leading scholars the opportunity to summarize the current state of the public choice literature in key areas of public policy concern and to offer their thoughts about future directions of research. By laying out public choice frameworks...

In spite of A. T. Peacock and J. Wiseman's (1961) NBER study demonstrating the 'displacement effect,' simplistic theoretical and empirical distinctions between temporary and permanent spending are common. In this paper, impulse response functions from ARMA models, as well as J. H. Cochrane's...