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

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Author Info
Peter Boettke
Christopher Coyne ()
Peter Leeson

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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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Publisher 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

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

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. 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. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
  3. Demsetz, Harold, 1982. "Barriers to Entry," American Economic Review, American Economic Association, vol. 72(1), pages 47-57, March. [Downloadable!] (restricted)
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  4. Reder, Melvin W, 1982. "Chicago Economics: Permanence and Change," Journal of Economic Literature, American Economic Association, vol. 20(1), pages 1-38, March. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
  6. Stigler, George J, 1992. "Law or Economics?," Journal of Law & Economics, University of Chicago Press, vol. 35(2), pages 455-68, October.
  7. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law & Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
  8. 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. [Downloadable!] (restricted)
  9. 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. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. 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. [Downloadable!] (restricted)
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