Buy new:
$38.02
FREE delivery: Tuesday, April 30
Ships from: Amazon.com
Sold by: Amazon.com
List Price: $49.99 Details

The List Price is the suggested retail price of a new product as provided by a manufacturer, supplier, or seller. Except for books, Amazon will display a List Price if the product was purchased by customers on Amazon or offered by other retailers at or above the List Price in at least the past 90 days. List prices may not necessarily reflect the product's prevailing market price.
Learn more
Save: $11.97 (24%)
FREE Returns
FREE delivery Tuesday, April 30. Order within 6 hrs 9 mins
In Stock
$$38.02 () Includes selected options. Includes initial monthly payment and selected options. Details
Price
Subtotal
$$38.02
Subtotal
Initial payment breakdown
Shipping cost, delivery date, and order total (including tax) shown at checkout.
Ships from
Amazon.com
Ships from
Amazon.com
Sold by
Amazon.com
Sold by
Amazon.com
Returns
Eligible for Return, Refund or Replacement within 30 days of receipt
Eligible for Return, Refund or Replacement within 30 days of receipt
This item can be returned in its original condition for a full refund or replacement within 30 days of receipt.
Read full return policy
Returns
Eligible for Return, Refund or Replacement within 30 days of receipt
This item can be returned in its original condition for a full refund or replacement within 30 days of receipt.
Read full return policy
Payment
Secure transaction
Your transaction is secure
We work hard to protect your security and privacy. Our payment security system encrypts your information during transmission. We don’t share your credit card details with third-party sellers, and we don’t sell your information to others. Learn more
Payment
Secure transaction
We work hard to protect your security and privacy. Our payment security system encrypts your information during transmission. We don’t share your credit card details with third-party sellers, and we don’t sell your information to others. Learn more
FREE delivery May 2 - 8. Details
Or fastest delivery April 26 - 30. Details
Used: Good | Details
Sold by ThriftBooks-Phoenix
Condition: Used: Good
Comment: Pages can have notes/highlighting. Spine may show signs of wear. ~ ThriftBooks: Read More, Spend Less
Access codes and supplements are not guaranteed with used items.
Amazon book clubs early access
Loading your book clubs
There was a problem loading your book clubs. Please try again.
Not in a club? Learn more
Amazon book clubs early access

Join or create book clubs

Choose books together

Track your books
Bring your club to Amazon Book Clubs, start a new book club and invite your friends to join, or find a club that’s right for you for free.
Explore Amazon Book Clubs
Kindle app logo image

Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet, or computer - no Kindle device required.

Read instantly on your browser with Kindle for Web.

Using your mobile phone camera - scan the code below and download the Kindle app.

QR code to download the Kindle App

Follow the author

Stephen P. Magee
Follow
Something went wrong. Please try your request again later.

Black Hole Tariffs and Endogenous Policy Theory: Political Economy in General Equilibrium

by Stephen P. Magee (Author), William A. Brock (Author), Leslie Young (Author)
4.0 4.0 out of 5 stars 1 rating
See all formats and editions
{"desktop_buybox_group_1":[{"displayPrice":"$38.02","priceAmount":38.02,"currencySymbol":"$","integerValue":"38","decimalSeparator":".","fractionalValue":"02","symbolPosition":"left","hasSpace":false,"showFractionalPartIfEmpty":true,"offerListingId":"OlTRMSYD80ygkTgDWrIOlyzp%2FQSUEh67FGgTiALwzh4XsrGw4D7Aeh1DZes8icUzkjPsNvyQwo9v1p7Nh2UjSv6%2F3Q8UkGTUa2ecr71BbURre%2BEXyc17c3rGTPsM%2FRI5JAACg1OH94Q%3D","locale":"en-US","buyingOptionType":"NEW","aapiBuyingOptionIndex":0}, {"displayPrice":"$10.53","priceAmount":10.53,"currencySymbol":"$","integerValue":"10","decimalSeparator":".","fractionalValue":"53","symbolPosition":"left","hasSpace":false,"showFractionalPartIfEmpty":true,"offerListingId":"OlTRMSYD80ygkTgDWrIOlyzp%2FQSUEh679Hpw4Qztrsj5H1UpZJQArFU%2FQs%2BkQNlTYV42pWFicHvFGdmFJw%2FJIjRuOhdwhOgOn2JJQchQLhUMq77RR6mmYpRjzcpRYRN5AFSI7dyF704tancwZAj1l1GxSuM9T%2FVGkV%2BJzYNv97m6kwtB9y%2BdRFeIdKnlSLLq","locale":"en-US","buyingOptionType":"USED","aapiBuyingOptionIndex":1}]}

Purchase options and add-ons

This book provides a special interest theory of protection, developing a full general equilibrium theory that explains the distribution of income with goods markets, factor markets, lobbies, political parties, and voters all pursuing their self interest. This probabilistic voting model shows how well-organized groups can use seemingly irrational government policies to exploit poorly organized groups. Given rational predatory behavior between these groups, protection or any other redistributive policy that improves the chances of election of a party increases political efficiency. This can create an economic black hole, conditions under which an entire economy can disappear into lobbying. Paradoxically, the tariff rates accompanying an economic black hole are very low. The economic waste is confined to lobbying costs. The book contains both theoretical and empirical work explaining protection in the United States (1900-1988) and levels of protection in about sixty foreign countries in the 1980s.
Previous page
  1. ISBN-10
    0521377005
  2. ISBN-13
    978-0521377003
  3. Publisher
    Cambridge University Press
  4. Publication date
    August 25, 1989
  5. Language
    English
  6. Dimensions
    6 x 1.16 x 9 inches
  7. Print length
    460 pages
  8. See all details
Next page
Amazon First Reads | Editors' picks at exclusive prices

Editorial Reviews

Review

"This book takes a major step toward giving us a real understanding of why we observe restrictive protectionism despite the free-trade arguments advanced by economists for more than two centuries." James M. Buchanan

"Magee, Brock, and Young are the pioneers of modern political economy. Since the early 1970s their work has provided the theoretical microfoundations for the subject. This long-awaited book also demonstrates empirical tests of the theory. The Magee-Young theorem of increasing returns to the abundant factor will join the Rybczynski theorem as a core proposition in the theory of international trade." Robert E. Baldwin

"The best of all the 'rational choice' models of politics. The political science establishment should be mortified that it had to be written by economists." Thomas Ferguson

"Sixteen years have elapsed since Brock and Magee began their promising work on the theory of protection. Now they and Leslie Young have shown that our wait has been properly rewarded. Here is a wide-ranging and highly imaginative treatment of protectionism and the underlying theory of coalitions." George J. Stigler

Book Description

This book provides a special interest theory of protection.

Product details

  • Publisher ‏ : ‎ Cambridge University Press (August 25, 1989)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 460 pages
  • ISBN-10 ‏ : ‎ 0521377005
  • ISBN-13 ‏ : ‎ 978-0521377003
  • Item Weight ‏ : ‎ 1.39 pounds
  • Dimensions ‏ : ‎ 6 x 1.16 x 9 inches
  • Customer Reviews:
    4.0 4.0 out of 5 stars 1 rating

About the author

Follow authors to get new release updates, plus improved recommendations.
Stephen P. Magee

Stephen P. Magee

Brief content visible, double tap to read full content.
Full content visible, double tap to read brief content.

Discover more of the author’s books, see similar authors, read author blogs and more

Customer reviews

4 out of 5 stars
4 out of 5
1 global rating

Top review from the United States

JasonC
4.0 out of 5 stars The most formally sophisticated model of its kind
Reviewed in the United States on August 14, 2008
This is a fine book, easily the most formally sophisticated model of its kind. The idea is to formalize political economy, getting beyond stale ideological discussions, and instead plop down an entire political subsystem in the middle of a standard (if simplistic) general equilibrium economic model. Groups allocate resources between economic and political activity; parties position themselves to gather financial support as well as votes. The economic and political consequences of their mutual decisions play out in a minimax general equilibrium fashion. Repays detailed study.
Helpful
 Report