Randall G. Holcombe is DeVoe Moore Professor of Economics at Florida State University. He is past president of the Public Choice Society and the Society for the Development of Austrian Economics. His previous books include Political Capitalism: How Economic and Political Power Is Made and Maintained (2018) and Following Their Leaders: Political Preferences and Public Policy (2023).

• 1. The political marketplace; 2. Market institutions; 3. Transaction costs and institutions; 4. The characteristics of authority; 5. The ruling class; 6. The institutional structure of the political marketplace; 7. Political transactions; 8. Interest groups: Elites and masses; 9. Welfare maximization, redistribution, and governance; 10. The scope of authority; 11. Mobility and authority; 12. Democracy and authority; 13. Constraining leviathan: competition among elites; 14. Politics as exchange.

Randall G. Holcombe is DeVoe Moore Professor of Economics at Florida State University. He is past president of the Public Choice Society and the Society for the Development of Austrian Economics. His previous books include Political Capitalism: How Economic and Political Power Is Made and Maintained (2018) and Following Their Leaders: Political Preferences and Public Policy (2023).

• 1. The political marketplace; 2. Market institutions; 3. Transaction costs and institutions; 4. The characteristics of authority; 5. The ruling class; 6. The institutional structure of the political marketplace; 7. Political transactions; 8. Interest groups: Elites and masses; 9. Welfare maximization, redistribution, and governance; 10. The scope of authority; 11. Mobility and authority; 12. Democracy and authority; 13. Constraining leviathan: competition among elites; 14. Politics as exchange.

Randall G. Holcombe is DeVoe Moore Professor of Economics at Florida State University. He is past president of the Public Choice Society and the Society for the Development of Austrian Economics. His previous books include Political Capitalism: How Economic and Political Power Is Made and Maintained (2018) and Following Their Leaders: Political Preferences and Public Policy (2023).

• 1. The political marketplace; 2. Market institutions; 3. Transaction costs and institutions; 4. The characteristics of authority; 5. The ruling class; 6. The institutional structure of the political marketplace; 7. Political transactions; 8. Interest groups: Elites and masses; 9. Welfare maximization, redistribution, and governance; 10. The scope of authority; 11. Mobility and authority; 12. Democracy and authority; 13. Constraining leviathan: competition among elites; 14. Politics as exchange.