Rejoinder to Wittman: True Myths
WITTMAN HAS WRITTEN A CHARACTERISTICALLY ENGAGING response to my critique. While he emphasizes his continued disagreement with me, I am struck by the important concessions he makes. In particular, he has virtually abandoned the rational expectations assumption that drives his trademark results. This retreat has a high price, because his new watered-down standards of rationality are consistent with vast democratic inefficiency. Apparently, democratic failure is not a myth after all.
Volume (Year): 2 (2005)
Issue (Month): 2 (August)
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- Wittman, Donald, 1989. "Why Democracies Produce Efficient Results," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1395-1424, December.
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- Bryan Caplan, 2002. "Sociotropes, Systematic Bias, and Political Failure: Reflections on the Survey of Americans and Economists on the Economy," Social Science Quarterly, Southwestern Social Science Association, vol. 83(2), pages 416-435.
- Donald Wittman, 2005. "Reply to Caplan: On the Methodology of Testing for Voter Irrationality," Econ Journal Watch, Econ Journal Watch, vol. 2(1), pages 22-31, April.
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