Mises, Bastiat, public opinion, and public choice
AbstractThe political economy of Ludwig von Mises and Frederic Bastiat has been largely ignored even by their admirers. We argue that Mises' and Bastiat's views in this area were both original and insightful. While traditional public choice generally maintains that democracy fails because voters' views are rational but ignored, the Mises-Bastiat view is that democracy fails because voters' views are irrational but heeded. Mises and Bastiat anticipate many of the most effective criticisms of tra4itional public choice to emerge during the last decade and point to many avenues for future research.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 26084.
Date of creation: 2005
Date of revision:
Publication status: Published in Review of Political Economy 1.17(2005): pp. 79-105
Templeton Culture of Enterprise Award; economic literacy; rational ignorance; rational irrationality; biased beliefs;
Other versions of this item:
- H10 - Public Economics - - Structure and Scope of Government - - - General
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
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