1. Explain regulatory capture. Do you think this describes what happens with some government regulation, or most government regulation? Explain your answer. What factors might steer regulation more toward the public interest than private interests?
2. Explain the transitional gains trap. How does it arise? How might this trap be avoided?
3. Why do you think normative analysis plays a more prominent role in analyzing public sector activity than private sector activity?
4. Give two reasons why individuals may prefer to allow elected representatives to make decisions for a group rather than have every person in the group vote on every decision?
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