Why does not a political equilibrium lead to efficiency

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What are some of the problems involved in measuring the value of human life? Explain why saying that each life is priceless is likely to result in more than the efficient amount of investment in life-saving programs.

What factors must be considered when choosing a discount rate to be used in benefit-cost analysis?

Why does not a political equilibrium lead to efficiency in the way that equilibrium in private goods markets does.

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