DEMAND AND SUPPLY IN THE POLITICAL MARKET

Abstract

Price theory has traditionally analyzed resource allocation in the money‐exchange market. In all modern economies, however, governments also allocate resources. The process which resolves competing claims on government‐allocated resources has been called the political market. In the political market, groups compete for resources by voting and by lobbying through expenditures of effort and money.

Citation

Turner, J.A. (1987), "DEMAND AND SUPPLY IN THE POLITICAL MARKET", Studies in Economics and Finance, Vol. 11 No. 1, pp. 3-17. https://doi.org/10.1108/eb028671