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One important difference between the political process and the market process is that

iloveyofacexx3

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One important difference between the political process and the market process is that

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the political process results in collective actions in which everyone is obliged to participate, while in the market process individuals are free to participate or not.

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the political process results in collective actions that maximize economic surplus, while the market process may lead to efficiency losses.

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the political process results in collective actions in which everyone is made better off, while the market process results in actions that favor some groups only.

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the political process results in collective actions in which not everyone is required to participate, while in the market process individuals are obliged to participate.

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InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

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Bakari

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More solutions for this book are available here

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