What is the public choice idea or theory? Explain what rent seeking is. How can you combine the ideas of public choice and rent seeking? Explain one real-world example of combining public choice and rent seeking.

One Benefit of Nancy MacLean’s Democracy in Chains – Public Choice and Rent Seeking Popularised.

Prior to beginning work on this discussion, read Chapter 14 in your textbook and Tim Worstall’s article, One Benefit of Nancy MacLean’s Democracy in Chains – Public Choice and Rent Seeking Popularised.

Based on the article’s information and Chapter 14 in your textbook, especially Sections 14.1 and 14.2, respond to the following:

What is the public choice idea or theory?
Explain what rent seeking is.
How can you combine the ideas of public choice and rent seeking?
Explain one real-world example of combining public choice and rent seeking.