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Saving government failure theory from itself: recasting political economy from an Austrian perspective

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  • Peter Boettke
  • Christopher Coyne

    ()

  • Peter Leeson

Abstract

The 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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File URL: http://hdl.handle.net/10.1007/s10602-007-9017-1
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Bibliographic Info

Article provided by Springer in its journal Constitutional Political Economy.

Volume (Year): 18 (2007)
Issue (Month): 2 (June)
Pages: 127-143

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Handle: RePEc:kap:copoec:v:18:y:2007:i:2:p:127-143

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Web page: http://www.springerlink.com/link.asp?id=102866

Related research

Keywords: Entrepreneurship; Government failure; Market failure; Market process; Public choice; B52; B53; H11;

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References

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  1. Meir Kohn, 2004. "Value and Exchange," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 303-339, Fall.
  2. Stigler, George J, 1992. "Law or Economics?," Journal of Law and Economics, University of Chicago Press, vol. 35(2), pages 455-68, October.
  3. Boettke, Peter J, 2002. " Information and Knowledge: Austrian Economics in Search of its Uniqueness," The Review of Austrian Economics, Springer, vol. 15(4), pages 263-74, December.
  4. Harold Demsetz, 1981. "Barriers to Entry," UCLA Economics Working Papers 192, UCLA Department of Economics.
  5. Reder, Melvin W, 1982. "Chicago Economics: Permanence and Change," Journal of Economic Literature, American Economic Association, vol. 20(1), pages 1-38, March.
  6. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
  7. Becker, Gary S, 1983. "A Theory of Competition among Pressure Groups for Political Influence," The Quarterly Journal of Economics, MIT Press, vol. 98(3), pages 371-400, August.
  8. John Ferejohn, 1986. "Incumbent performance and electoral control," Public Choice, Springer, vol. 50(1), pages 5-25, January.
  9. Ikeda, Sanford, 2003. " How Compatible Are Public Choice and Austrian Political Economy?," The Review of Austrian Economics, Springer, vol. 16(1), pages 63-75, March.
  10. Rowley, Charles K, 1997. " Donald Wittman's The Myth of Democratic Failure: Review Article," Public Choice, Springer, vol. 92(1-2), pages 15-26, July.
  11. Boettke, Peter J & Lopez, Edward J, 2002. " Austrian Economics and Public Choice," The Review of Austrian Economics, Springer, vol. 15(2-3), pages 111-19, June.
  12. Sutter, Daniel, 2002. " The Democratic Efficiency Debate and Definitions of Political Equilibrium," The Review of Austrian Economics, Springer, vol. 15(2-3), pages 199-209, June.
  13. Fernandez, Raquel & Rodrik, Dani, 1991. "Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty," American Economic Review, American Economic Association, vol. 81(5), pages 1146-55, December.
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Citations

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Cited by:
  1. Marta Podemska-Mikluch & Richard Wagner, 2013. "Dyads, triads, and the theory of exchange: Between liberty and coercion," The Review of Austrian Economics, Springer, vol. 26(2), pages 171-182, June.
  2. Facchini, François & Melki, Mickaël, 2013. "Efficient government size: France in the 20th century," European Journal of Political Economy, Elsevier, vol. 31(C), pages 1-14.
  3. repec:hal:journl:halshs-00654363 is not listed on IDEAS
  4. Peter Boettke & Christopher Coyne, 2009. "Best case, worst case, and the golden mean in political economy: An introduction to a symposium on Tim Besley’s principled agents? The political economy of good government," The Review of Austrian Economics, Springer, vol. 22(2), pages 123-125, June.
  5. Potrafke, Niklas, 2012. "Political cycles and economic performance in OECD countries: Empirical evidence from 1951-2006," Munich Reprints in Economics 19272, University of Munich, Department of Economics.
  6. Niclas Berggren, 2012. "Time for behavioral political economy? An analysis of articles in behavioral economics," The Review of Austrian Economics, Springer, vol. 25(3), pages 199-221, September.
  7. Revold Entov & Alexander Radygin, 2012. "Failures of the State: Theory and Policy," Working Papers 0053, Gaidar Institute for Economic Policy, revised 2013.
  8. Anthony Evans, 2014. "A subjectivist’s solution to the limits of public choice," The Review of Austrian Economics, Springer, vol. 27(1), pages 23-44, March.
  9. repec:hal:cesptp:halshs-00654363 is not listed on IDEAS
  10. Peter Boettke & Nicholas Snow, 2014. "Political economy and the science of association: A suggested reconstruction of public choice through the alliance of the Vienna, Virginia, and Bloomington schools of political economy," The Review of Austrian Economics, Springer, vol. 27(1), pages 97-110, March.

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