The Economic Analysis of Constitutions: Fatalism Versus Vitalism
We review the claim that the field of political economy has witnessed a quantum leap with Torsten Persson and Guido TabelliniÂ´s The Economic Effects of Constitutions. We find that the approach of Persson and Tabellini suffers from the neglect of previous research, notably in public choice tradition, a lack of a meaningful point of reference, and the disregard of individual liberty as a guiding principle. Their approach has only limited value for formulating, exploring, and judging institutional reforms, particularly reforms outside narrow bounds around the status quo of the liberal democracies.
Volume (Year): 4 (2007)
Issue (Month): 2 (May)
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- Daron Acemoglu, 2005. "Constitutions, Politics and Economics: A Review Essay on Persson and Tabellini's "The Economic Effect of Constitutions"," NBER Working Papers 11235, National Bureau of Economic Research, Inc.
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- James M. Buchanan, 1954. "Individual Choice in Voting and the Market," Journal of Political Economy, University of Chicago Press, vol. 62, pages 334-334. Full references (including those not matched with items on IDEAS)
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