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11 Cards in this Set

  • Front
  • Back

What is Government Failure?

When costs outweigh benefits

What is the Principal Agent Problem?

When tasks are delegated to two parties, each with conflicting interests

What is the Special Interest Effect?

The most threatening special interest group holds sway over decisions

What are Rent Seeking Behaviors?

Appeal to government for special benefit at taxpayers' expense

What is an Unfunded Liability?

The Government commits to an expenditure without having current funds

What is Regulatory Capture?

Regulations influenced by those industries being regulated

What is a Loan Guarantee?

The government subsidizes private sector's investments

What is Corruption?

The unlawful misdirection of resources when government abuses their power for personal gain

What is Political Logrolling?

The trading of votes to secure favorable outcomes on decisions otherwise unlikely to pass

What are Political Earmarks?

Narrow, specific authorizations of expenditures slipped into larger bills

What is Pork Barrel Politics?

Making decisions that benefit home