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Podcast: New Books in Economics
Episode: William D. Ferguson, "The Political Economy of Collective Action, Inequality, and Development" (Stanford UP, 2020)
Description: The Political Economy of Collective Action, Inequality, and Development (Stanford UP, 2020) examines how a society that is trapped in stagnation might initiate and sustain economic and political development. In this context, progress requires the reform of existing arrangements, along with the complementary evolution of informal institutions. It involves enhancing state capacity, balancing broad avenues for political input, and limiting concentrated private and public power. This juggling act can only be accomplished by resolving collective-action problems (CAPs), which arise when individuals pursue interests that generate undesirable outcomes for society at large. Merging and extending key perspectives on CAPs, inequality, and de...