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11 Cards in this Set
- Front
- Back
What is Government Failure? |
When costs outweigh benefits |
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What is the Principal Agent Problem? |
When tasks are delegated to two parties, each with conflicting interests |
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What is the Special Interest Effect? |
The most threatening special interest group holds sway over decisions |
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What are Rent Seeking Behaviors? |
Appeal to government for special benefit at taxpayers' expense |
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What is an Unfunded Liability? |
The Government commits to an expenditure without having current funds |
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What is Regulatory Capture? |
Regulations influenced by those industries being regulated |
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What is a Loan Guarantee? |
The government subsidizes private sector's investments |
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What is Corruption? |
The unlawful misdirection of resources when government abuses their power for personal gain |
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What is Political Logrolling? |
The trading of votes to secure favorable outcomes on decisions otherwise unlikely to pass |
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What are Political Earmarks? |
Narrow, specific authorizations of expenditures slipped into larger bills |
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What is Pork Barrel Politics? |
Making decisions that benefit home |