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Professor Ivan Pongracic talks about economics, politics, and the foundations of public choice at the 2016 Challenge of Liberty Summer Seminar held at Santa Clara University, in Santa Clara, California. CONTENT OF THIS VIDEO 00:00 Introduction 00:52 What is public choice economics? 02:03 Politics without romance 07:43 Public interest view 08:38 Precursors of Public Choice 09:33 James Madison 10:59 Adam Smith 11:44 Italian economists from the late 19th century 12:20 Amilcare Puviani 20:54 Friedrich A. Hayek 23:59 Early developments of Public Choice 25:08 Kenneth Arrow 28:35 Vote Cycling 29:24 The Arrow Impossibility Theorem 29:45 Implications for Democracy 34:53 How much do voters know? 36:26 Main developments: Political market 40:28 Rent seekers and government actors 40:55 Rent Seeking 43:49 Logic of collective action 45:28 Constitutional political economy 50:27 Public Choice: A long time ago 53:00 Closing credits ABOUT IVAN PONGRACIC Ivan Pongracic, Jr. is the William E. Hibbs/Ludwig von Mises Professor of Economics at Hillsdale College, where he has been teaching since 2000. He received a Bachelor of Science degree in aerospace engineering from Purdue University in 1992, and his Masters and Doctorate degrees in economics from George Mason University in 1996 and 2004, respectively. Prior to coming to Hillsdale he taught at Indiana Wesleyan University. The Challenge of Liberty Seminars provide college-aged students with the ethical and economic principles of free societies that are essential to understanding, appreciating, and preparing for real world issues that lie ahead. More information about Student Seminars: http://www.independent.org/seminars/ INDEPENDENT INSTITUTE: WEBSITE: http://www.independent.org MEMBERSHIP: https://secure.independent.org/donate/ FACEBOOK: / independentinst TWITTER: / independentinst YOUTUBE: / independentinstitute SOUNDCLOUD: / the-independent-institute THINKSPOT: https://www.thinkspot.com/forum_type/...