... place. For example, rational choice theory may be used to explain the process function, interest articulation. Interest articulation is the function which expresses issues of concern. According to rational choice, actors in interest articulation participate because they are concerned for their own interests and issues - their motivation for participating is because they want the government to deal with issues important to ... to be structured in a way that is suitable to their personal needs. In the United Kingdom, political parties and labor unions are big actors in interest articulation...

• Word Count: 2676
• Approx Pages: 11
• Grade Level: Undergraduate

... 1980s. As Barro and Gordon (1983) stated "the time inconsistency arguments were combined with rational expectations to show that discretionary monetary policy was ineffective for raising real output, as private actors factored inflation into their expectations creating an inflationary bias in society". Thus, authorities needed a tool that could be used to increase the credibility of the monetary system price stability for ... their expectations downward and average inflation levels fall. Without a clear prioritisation given by Parliament and enshrined in the law, it is up to the central...

• Word Count: 4086
• Approx Pages: 16
• Grade Level: Undergraduate