Monopoly Politics

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ISBN: 9780817996529 | 0817996524
Cover: Paperback
Copyright: 7/1/1999

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Miller shows that, as in commercial markets, victims of monopoly power in politics pay higher prices and get less in return. He details how political markets resist being organized competitively and thus not performing as well as commercial markets, and explains how this lack of competition is caused by political incumbents rigging political markets to protect themselves.

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List of Tables, Figures, and Charts	p. ix
Preface	p. xi
Introduction	p. 1
Private versus public decision making	p. 1
Why public decisions are important	p. 2
Outline of book	p. 13
Competition in Commercial Markets	p. 17
Consumer sovereignty	p. 17
Incentive to monopolize	p. 22
Antitrust laws	p. 24
Competition in Political Markets	p. 33
Voter sovereignty	p. 33
Incentive to monopolize	p. 39
Election laws	p. 42
Unique Features of Political Markets	p. 47
Individual versus collective decision making	p. 47
Fixed terms and principal-agent problem	p. 54
Political speech and the First Amendment	p. 59
Implications for efficiency and competition	p. 63
Incumbents' Advantage	p. 75
Assets of office	p. 76
Federal election law	p. 88
Dealing with the regulators	p. 95
Monopoly politics	p. 101
Proposed Reforms	p. 103
"Throw the bums out" approach	p. 106
Institutional reforms	p. 108
Revisions in campaign finance laws	p. 113
A note on incumbents' motives	p. 127
Conclusions and Recommendations	p. 131
Summary and lessons learned	p. 131
Needed reforms and plan of action	p. 138
Index	p. 149
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Monopoly Politics

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