Saving government failure theory from itself: recasting political economy from an Austrian perspective
AbstractThe economic approach to politics revolutionized the way scholars in economics and political science approached the study of political decision-making by introducing the possibility of government failure. However, the persistent and consistent application of neoclassical models of economics also seemed to suggest that once the full costs were accounted for, this failure was an illusion. This paper counters these arguments, typically associated with George Stigler, Gary Becker and Donald Wittman, by focusing on the underlying economic theory. We develop an alternative model of political economy grounded in the Austrian conception of the dynamic market process. Copyright Springer Science + Business Media, LLC 2007
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Bibliographic InfoArticle provided by Springer in its journal Constitutional Political Economy.
Volume (Year): 18 (2007)
Issue (Month): 2 (June)
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Web page: http://www.springerlink.com/link.asp?id=102866
Entrepreneurship; Government failure; Market failure; Market process; Public choice; B52; B53; H11;
Find related papers by JEL classification:
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
- H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
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