A tribute to Earl A. Thompson and, in his own words, a summary of his general economic and social theory |
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Authors: | Don Allison Jr Thomas E Borcherding |
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Institution: | 1. The Claremont Colleges and Pepperdine University, 2836 Angelo Drive, Los Angeles, CA, 90077, USA 2. School of Politics and Economics, Claremont Graduate University, 150 East Tenth Street, Claremont, CA, 91711, USA
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Abstract: | Brilliant but little known, in part because his style was dense and crucial papers unpublished, Earl Thompson reformulated standard theory to achieve policy relevance, focusing on significant rent-seeking inefficiencies stemming from private information and transaction costs. Drawing on history, he showed a vast array of institutions to be efficient which economists had previously found to be inefficient, modeled governments and their nature, defined government’s functions, and showed why dominant states rise and fall. |
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