Robust political economy
AbstractThis paper introduces the idea of “robust political economy.” In the context of political economic systems, “robustness” refers to a political economic arrangement's ability to produce social welfare-enhancing outcomes in the face of deviations from ideal assumptions about individuals' motivations and information. Since standard assumptions about complete and perfect information, instantaneous market adjustment, perfect agent rationality, political actor benevolence, etc., rarely, if ever actually hold, a realistic picture and accurate assessment of the desirability of alternative political economic systems requires an analysis of alternative systems' robustness. The Mises-Hayek critique of socialism forms the foundation for investigations of robustness that relax ideal informational assumptions. The Buchanan-Tullock public choice approach complements this foundation in forming the basis for investigations of robustness that relax ideal motivational assumptions. Copyright Springer Science + Business Media, Inc. 2006
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Springer in its journal The Review of Austrian Economics.
Volume (Year): 19 (2006)
Issue (Month): 2 (June)
Contact details of provider:
Web page: http://www.springerlink.com/link.asp?id=100335
Austrian economics; Public choice; Robustness;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Boettke, Peter, 2011.
"Teaching economics, appreciating spontaneous order, and economics as a public science,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 80(2), pages 265-274.
- Boettke, Peter, 2010. "Teaching economics, appreciating spontaneous order, and economics as a public science," MPRA Paper 33064, University Library of Munich, Germany.
- Dean Stansel, 2012. "Competition, knowledge, and local government," The Review of Austrian Economics, Springer, vol. 25(3), pages 243-253, September.
- Everard Cowan & Roger Koppl, 2011. "An experimental study of blind proficiency tests in forensic science," The Review of Austrian Economics, Springer, vol. 24(3), pages 251-271, September.
- 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.
- Berggren, Niclas, 2011. "Time for behavioral political economy? An analysis of articles in behavioral economics," Ratio Working Papers 166, The Ratio Institute.
- Boettke, Peter & Smith, Daniel, 2011. "Robust political economy and the Federal Reserve," MPRA Paper 32092, University Library of Munich, Germany.
- Daniel D’Amico, 2012. "Comparative political economy when anarchism is on the table," The Review of Austrian Economics, Springer, vol. 25(1), pages 63-75, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.