Modern Political Economy — DU B.A. (Hons.) Economics Previous Year Question Papers

1) Write a short note on the following concepts. (6 * 3) a) Voluntary Export Restraints b) Borda Rule c) Allocative efficiency d) Production Efficiency Theoram e) Rent Seeking ) Strategic voting The table shows preferences of three voters in a community on three issues X, Y and Z. Based on the table answer the following questions. i. Do you find any unanimous preferences on any of the community issues? Give arguments in favor of your answer. (5) ii. Do you find any stable majority decision on these issues? If yes/no, give explanation. (4) b) What is "Majority rule". What are its properties? Explain how the majority rule can produce a cycle? Explain with examples. (2 + 3 + 4) 3) What do you understand by the term 'Redistribution'? Discuss the various motives that justify Redistribution by the state. (3 + 15) 4) a) Explain the Probabilistic Voting Model in a two- party competition framework. How does it differ from the deterministic (Downsian) Model of Voting? (8 + 4) b) Explain then applications of Probabilistic Voting to taxation policy. (6) 5) a) Discuss the various coalition formation theories in multiparty system based on one-dimensional issue spaces. (12) b) What is the difference between a minimal winning coalition, minimum winning coalition according to Riker's theory? (6) 6) Discuss the economic effects of tariffs, quotas and voluntary export restraints. How do this trade restrictions lead to rent seeking behaviour and welfare losses? (9+9) 7) a) Explain the Economic Theory of dictatorship as developed in public choice analysis. How dictatorships emerge, pursue their goals, and affect economic welfare society? (12) b) Why dictatorship may decline over time? (6)