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Pols 206, Week 2

by: Sarah Vickers

Pols 206, Week 2 POLS 206

Marketplace > Texas A&M University > POLS 206 > Pols 206 Week 2
Sarah Vickers
Texas A&M
GPA 3.4

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Logic of American Politics
Amer natnl gov
Sarah Fulton
Class Notes
Collective Action
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This 2 page Class Notes was uploaded by Sarah Vickers on Thursday September 8, 2016. The Class Notes belongs to POLS 206 at Texas A&M University taught by Sarah Fulton in Fall 2016. Since its upload, it has received 4 views.


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Date Created: 09/08/16
Logic of American Politics     ­friday FBI released report on its investigation of clinton’s  She released only some and kept others that were ‘personal’   ­claims it was a matter of convenience   ­allows her to shield her email from the government archives, FOIA requests  ­made material more susceptible to hacking, some was confidential   FBI conducts invest.   ­no evidence she meant to violate laws governing classified info  ­but was extremely careless  ­recommended no criminal charges   The case is not closed­­15k emails not originally turned over and kept from state department   Collective action problem­­individual rationality leads to collective irrationality   ­­­restricting output is better for the group, but individual firms have an incentive to produces as  much as possible to max. Profit for themselves  *it's hard for individuals to coordinate for the betterment of the group b/c of selfish interests, it's  hard for individuals to form a cartel & restricted output*    Is Cartel behavior good?   ­whats good for one group could be shitty for the next  ­restricted supply is bad for consumer bc it drives up prices   → boycott, doesn't really work for products because more people with defect to their needs and  not the group needs  → problems with CA when compliance with the group's goal coasts the individual something   ­cant trust members, so might as well follow your own self interests   ­collective good will always be underproduced   ­even when people agree, can't achieve same goal   ­government exists to solve these problems   ­individuals rarely cooperate unless they are punished for non­compliance   Ways to reduce the CA problem   ­keep it small  ­repeated interaction  ­availability of subs  Provide selective benefits that can be withheld from non­contributors  ­material benefit   ­solidary benefits   ­purposive benefits   Massive Collective Action Failure:  Housing Crisis     Example of what happens when government neglects the logic of collective action   June 2005: Giddy for housing     9/11­sparks mild recession   ­federal reserve bank lowers interest rates: kept them too low for too long  ­interest rates affect purchasing power   ­interest rates & prices are inversely related  ­shiller “ irrational exuberance”   ­buyers thought: real estate is too expensive and they shouldn't buy, but afraid they’d be ‘priced  out forever’    ­real estate agents are paid on commission   ­even lenders had incentive to underwrite risky loans   ­planned to sell the loans to wall street  ­wall street didn't care about the quality of the loan­­using regression models used to minimize  risk ­­­­slice dice and bundle loans sold to investors around the world as CDOs   ­all insured by credit default swaps (CDS)   ­ratings agencies who were supposed to independently assign risk the cdo, were paid by the wall  street firms whose cdo they were rating   Politicians   ­repealed laws which would have prevented banks from collateralizing debt   ­repeal of glass steagll created banks that were “too big to fail”   ­prevented regulators from overseeing “insurance policies” on the collateral debt   ­commodity futures modernization act   Promoted the american dream   ­community investment act    


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