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Government Interventions and their Impacts on the Gas Pump Prices

Describe the Economic Issue Gasoline prices often rise at the pumps sparking controversy about the industry (Peltzman, 2000). This rise creates conflict between drivers, retail stations, station owners and policy makers. Besides, the rise of gasoline creates much concern because the prices of most consumer products become affected by changes in gasoline prices (Castanias & Johnson, 1993). A different reason why customers may react so robustly to changes in gasoline prices is because they are aware that their demands do not affect price, since they are inelastic. Compared with most consumer products the amount of gasoline bought does not ...

Introduction

In a democracy citizens take for granted many things that legitimate democratic institutions make possible such as the right to vote, being able to check out a federal law book from the library, or being able to run for city council. Discussions about legitimacy in coffee shops or over kitchen tables are mostly about laws or some politician’s social behavior.

The legitimization of coercive power of democratic institutions may be thought of as an academic philosophical concept but its importance in practical, everyday governing cannot be ignored. Democratic institutions are actors in the justification and legitimization of coercive power because ...