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Entry Barriers in Politics, or: Why Politics, Like Natural Monopoly, Is Not Organised as an Ongoing Market-Process

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  • Wohlgemuth, Michael

Abstract

In the paper "Entry Barriers in Politics, or: Why Politics, Like Natural Monopoly, Is Not Organised as an Ongoing Market-Process," an analytical framework for dealing with processes of political competition is presented. The idea goes back to Tullock's model of democracy as franchise-bidding for natural monopoly. To this, basic insights of New Institutional Economics and Austrian Economics are added. It is shown that incomplete contracts which arise in economic bidding schemes, characterise political competition. At the same time, they create leeway for political entrepreneurship. The same is true for various barriers to entry in politics. These barriers affect a trade-off between political stability and contestability which is discussed in view of incentives and opportunities for politicians to engage in positive-sum, long-term investments in political reforms. Copyright 1999 by Kluwer Academic Publishers

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  • Wohlgemuth, Michael, 1999. "Entry Barriers in Politics, or: Why Politics, Like Natural Monopoly, Is Not Organised as an Ongoing Market-Process," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 12(2), pages 175-200, November.
    • Handle: RePEc:kap:revaec:v:12:y:1999:i:2:p:175-200
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    Cited by:

    1. Mulligan, Casey B. & Tsui, Kevin K., 2015. "Political entry, public policies, and the economy," Research in Economics, Elsevier, vol. 69(3), pages 377-397.
    2. Peter Boettke & Christopher Coyne & Peter Leeson, 2007. "Saving government failure theory from itself: recasting political economy from an Austrian perspective," Constitutional Political Economy, Springer, vol. 18(2), pages 127-143, June.
    3. Casey B. Mulligan & Kevin K. Tsui, 2006. "Political Competitiveness," NBER Working Papers 12653, National Bureau of Economic Research, Inc.

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