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- Title
A tribute to Earl A. Thompson and, in his own words, a summary of his general economic and social theory.
- Authors
Allison, Don; Borcherding, Thomas
- Abstract
Brilliant but little known, in part because his style was dense and crucial papers unpublished, Earl Thompson reformulated standard theory to achieve policy relevance, focusing on significant rent-seeking inefficiencies stemming from private information and transaction costs. Drawing on history, he showed a vast array of institutions to be efficient which economists had previously found to be inefficient, modeled governments and their nature, defined government's functions, and showed why dominant states rise and fall.
- Subjects
THOMPSON, Earl A.; RENT seeking; TRANSACTION costs; ECONOMIC competition; ECONOMIC equilibrium; POLICY sciences; ECONOMICS
- Publication
Public Choice, 2013, Vol 156, Issue 1/2, p7
- ISSN
0048-5829
- Publication type
Article
- DOI
10.1007/s11127-013-0088-4