Public Choice and Rent Seeking

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Prior to beginning work on this discussion, read Tim Worstall’s article, One Benefit of Nancy MacLean’s Democracy in Chains – Public Choice and Rent Seeking Popularized.
Based on the article’s information and Chapter 14 in your textbook, especially Sections 14.1 and 14.2, respond to the following:

What is the public choice idea or theory?

Explain what rent seeking is.

How can you combine the ideas of public choice and rent seeking?

Choose one real-world example of combining public choice and rent seeking to evaluate.

I require that you include the section number where you found your answers. For example: (Amacher & Pate, 2019, section 2.3).

Use these references:
Amacher, R. and Pate, J. (2019). Principles of microeconomics (2nd ed.).

Worstall, T. (2017, August 6). One benefit of Nancy MacLean’s democracy in chains – public choice and rent seeking popularised. Forbes.
Retrieved from https://www.forbes.com/sites/timworstall/2017/08/06/one-benefit-of-nancy-macleans-democracy-in-chains-public-choice-and-rent-seeking-popularised/#2764ee496aca

Sample Solution

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Student’s Initial Ethical Autobiography

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You are to write your narrative, your life story. You will give a description of your identity, including your values, priorities, decision making, and worldview. It will include the effect others have had on shaping and influencing your identity (environment), including but not limited to school, voluntary organizations and clubs, athletics, military service, religion, and/or other important events or organizations. Finally, to write a thorough narrative of your identity, you will describe and discuss important personal choices made throughout your life up to this moment. Overall, the goal is to present a vivid portrait of who you are and the influences on your development. This paper should be five pages long, typed, double-spaced, one inch margins with page numbers.

Sample Solution

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Canada’s population and geography reflected in the House of Commons and the Senate?

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In what ways are Canada’s population and geography reflected in the House of Commons and the Senate?

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Political Science/Energy Industry/Oil & Gas Industry

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This political science course focuses on the relationship between the energy industry and geopolitics/global security as it reveals in the policies and interaction of leading energy producers and consumers. The energy industry includes nuclear energy, coal, oil, natural gas, and renewable energy.
Paper Topic: This paper will cover the events leading up to Saudi Aramco’s recent Initial Public Offering (IPO). Important knowledge includes topics like; Middle Eastern politics, OPEC, the oil and gas industry, global economics, Russia and Saudi Arabia relations, and a general understanding of how IPOs work. The paper should follow this general format:

  1. First, describe the history of the energy industry in Saudi Arabia: how did it become a global player in the energy industry? What does it produce? Why is oil so important to the county? How is the Saudi government involved in the energy industry? How does it relate to other countries and OPEC? Who are their allies and rivals?
  2. Second, cover the history, background, and importance of the Saudi Aramco company: how was it formed and who created it? What is its purpose in Saudi Arabia and the Middle East? How did it evolve over time? Why is it controlled by the Saudi Arabian government? Which other countries are involved? How is it important today relating to global politics and the energy industry? Who are the company’s competition?
  3. Third, describe the events of the Saudi Aramco Initial Public Offering (IPO): what were the events leading up to the IPO? Why was Saudi Aramco a private company? What were the reasons for Aramco to go public with an IPO? Why was this a significant event for the energy company? How does this affect politics/economy in the Middle East and the rest of the World? How did countries like the United States and Russia react to the IPO?
  4. Fourth, what was the aftermath of Saudi Aramco’s Initial Public Offering (IPO): What happened directly after the IPO? How did the IPO affect oil prices? How did it impact Saudi Arabia’s economy? How did it impact the global economy? What were the effects to global politics? How was Aramco affected by the oil price war between Russia and Saudi Arabia? Why was there a price war between Russia and Saudi Arabia? How did the IPO impact OPEC? How did the price war impact OPEC? How is Aramco affected by the COVID-19 pandemic? How is the global economy and energy industry affected by the COVID-19 pandemic? What does the future of Saudi Aramco look like?

Sample Solution

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