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The Political Limits of Economics

Author

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  • Luigi Zingales

Abstract

We economists do not apply economic tools to analyze our own discipline. If we were to do so, we would discover that we have self-motivated explanations for why political systems fail, explanations that entitle us to impose our views on elected representatives. We would also discover that we have preferences not aligned with the rest of the population, we can be captured, and we suffer of groupthink. I propose some remedies our profession can adopt to reduce these problems, including becoming less clubbish and more inclusive.

Suggested Citation

  • Luigi Zingales, 2020. "The Political Limits of Economics," AEA Papers and Proceedings, American Economic Association, vol. 110, pages 378-382, May.
    • Handle: RePEc:aea:apandp:v:110:y:2020:p:378-82
    DOI: 10.1257/pandp.20201002
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    Citations

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    Cited by:

    1. Dorine Boumans & Klaus Gründler & Niklas Potrafke & Fabian Ruthardt, 2021. "The Global Economic Impact of Politicians: Evidence from an International Survey RCT," EconPol Working Paper 56, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    2. Dorine Boumans & Klaus Gründler & Niklas Potrafke & Fabian Ruthardt, 2022. "Political Leaders and Macroeconomic Expectations: Evidence from a Global Survey Experiment," CESifo Working Paper Series 9974, CESifo.
    3. Anderson, Kym, 2022. "Trade-related food policies in a more volatile climate and trade environment," Food Policy, Elsevier, vol. 109(C).
    4. Fabian Ruthardt, 2023. "Essays in Political Economy," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 103.
    5. Kym Anderson, 2021. "Food policy in a more volatile climate and trade environment," Departmental Working Papers 2021-25, The Australian National University, Arndt-Corden Department of Economics.

    More about this item

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior

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