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The use of knowledge about society
Institution:1. Department of Banking and Finance, Chinese Culture University (SCE), 55, Hwa-Kang Road, Yang-Ming-Shan, Taipei 11114, Taiwan;2. Graduate Institute of Urban Planning, College of Public Affairs, National Taipei University, 151, University Rd., San Shia District, New Taipei City 23741, Taiwan;1. IFAPA Centro “Venta del Llano”, Junta de Andalucía, P.O. Box 50, Mengibar, Jaén E-23620, Spain;2. University of Jaén, Department of Chemical, Environmental and Materials Engineering, Jaén, Spain;3. BIOMATH, Department of Mathematical Modelling Statistics and Bioinformatics, Ghent University, Coupure Links 653, B-9000 Gent, Belgium;1. Key Laboratory of Intelligent Perception and Image Understanding of Ministry of Education, International Research Center for Intelligent Perception and Computation, Xidian University, Xi’an, Shaanxi Province 710071, China;2. Center for Administration and Complexity Science, Xi’an Jiaotong University, Xi’an, Shaanxi Province 710049, China;1. Department of Food Engineering, Faculty of Agricultural Engineering & Technology, University of Agriculture, Faisalabad, Pakistan;2. Département Qualité et Economie Alimentaires, VetAgroSup Campus Agronomique de Clermont, 89 Avenue de l’Europe, BP-35, F-63370 Lempdes, France;3. National Institute of Food Science & Technology, Faculty of Food, Nutrition & Home Sciences, University of Agriculture, Faisalabad, Pakistan;4. UR QuaPA, INRA Theix, 63122 Saint Genes Champanelle, France;5. DRRT-Auvergne/Ministry of Higher Education and Research, Clermont-Ferrand, France
Abstract:Selection of efficient institutions or policies in politics requires constituents to estimate the net benefits of political reforms. Political competition fails to inform constituents of the costs of forgone political alternatives. Ignorance of ‘political opportunity costs’ prevents the adoption of welfare enhancing reforms of public institutions and policies. The empirical record supports this contention.
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