1. ECO 481: Public Choice Theory Introduction to Public Choice Dr. Dennis Foster 523-8178, FCB #308 Office Hours – Wed. 1:00 pm - 5 pm; and by appointment.

2. What is it all about? “New theory.” Are public “actors” different than private ones? – Voter=consumer and politician=businessman Buchanan & Williams: https://www.youtube.com/watch?v=qSco-xFnrpg https://www.youtube.com/watch?v=qSco-xFnrpg Reflections on Buchanan: https://www.youtube.com/watch?v=A7PtoStD3RY https://www.youtube.com/watch?v=A7PtoStD3RY Simmons on Public Choice: http://tinyurl.com/nke5qgu http://tinyurl.com/nke5qgu

3. What is it all about? Even where we agree about private sector, gov’t is involved. – Toy regulation on Stossel: http://www.youtube.com/watch?v=-r3aMsXPmXQ http://www.youtube.com/watch?v=-r3aMsXPmXQ Does government solve all our problems? Does it solve any? “Too late, too much, too long.” “Welfare economists” – focus on “market failure.” – They’re looking for flaws in a perfect system!

4. Can government deliver on promises? – Health care? Jobs? Global warming? Are fiscal improvements “not only thinkable but even fashionable and, perhaps, politically expedient?” Public choice as a theory of government failure. Some observations: – Government isn’t the default for fixing “problems.” – Market alternatives getting more serious attention. – Decentralization & competition viewed more favorably. Review reading list for weeks 1 and 2.

5. ECO 481: Public Choice Theory Introduction to Public Choice Dr. Dennis Foster 523-8178, FCB #308 Office Hours – Wed. 1:00 pm - 5 pm; and by appointment.