By Randall G. Holcombe
Holcombe presents theoretical models, melds theory and empirical work, and juxtaposes economics and political science. Further, he provides insights into such concepts as agenda control, points out the advantages of incumbency, explains government as a natural monopoly, establishes an updating of the social contract, and examines the virtues of common law in contrast to statutory law.
In his final chapters, Holcombe provides a foundation upon which the preceding chapters are logically built. From his analysis, itappears that there is an approximate correspondence between voter preferences and political outcomes, as depicted by a median voter model, but that for many reasons resource allocation through the public sector is considerably less efficient than through the private sector.