What is political equilibrium in terms of supply of public goods?
Answers
The political equilibrium provides public goods in excess of the efficient quantity if?
Very educated interest groups are joined together with rational ignorance upheld by some voters. A public good is a good which satisfies the following condition, that is nonexcludability and non-rivalries. Non-excludability means that you can not deny a person a chance to enjoy the good whether he or she has paid for it or not. On the other hand, non-rivalries mean that when one consumer the good, he or she does not deny other people a chance to enjoy the good also. Rational ignorance is a concept used to means the proportion of voters in a given country who are ignorant issues which are unimportant or does not help them but concentrates on things that matter to them.
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