Prior to beginning work on this discussion, read Tim Worstallâ€™s article, One Benefit of Nancy MacLeanâ€™s Democracy in Chains – Public Choice and Rent Seeking Popularised (Links to an external site.).
Based on the articleâ€™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.