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Public Choice and Rent Seeking

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Prior to beginning work on this discussion, read Tim Worstall’s article, One Benefit of Nancy MacLean’s Democracy in Chains – Public Choice and Rent Seeking Popularized.
Based on the article’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.

I require that you include the section number where you found your answers. For example: (Amacher & Pate, 2019, section 2.3).

Use these references:
Amacher, R. and Pate, J. (2019). Principles of microeconomics (2nd ed.).

Worstall, T. (2017, August 6). One benefit of Nancy MacLean’s democracy in chains – public choice and rent seeking popularised. Forbes.
Retrieved from https://www.forbes.com/sites/timworstall/2017/08/06/one-benefit-of-nancy-macleans-democracy-in-chains-public-choice-and-rent-seeking-popularised/#2764ee496aca

Sample Solution

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