Macroeconomic Populism in Latin America

When a decision is reached by voting or is arrived at by a group all of whose members are not in complete accord, there is no part of economic theory which applies. This paper is intended to help fill this gap; to provide a type of reasoning which will contribute to the development of the theory of trade unions, the firm, and the cartel; and to provide the basis for a theory of the equilibrium distribution of taxation or of public expenditure.