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Saving government failure theory from itself: recasting political economy from an Austrian perspective

  • Peter Boettke
  • Christopher Coyne

    ()

  • Peter Leeson

The economic approach to politics revolutionized the way scholars in economics and political science approached the study of political decision-making by introducing the possibility of government failure. However, the persistent and consistent application of neoclassical models of economics also seemed to suggest that once the full costs were accounted for, this failure was an illusion. This paper counters these arguments, typically associated with George Stigler, Gary Becker and Donald Wittman, by focusing on the underlying economic theory. We develop an alternative model of political economy grounded in the Austrian conception of the dynamic market process. Copyright Springer Science + Business Media, LLC 2007

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File URL: http://hdl.handle.net/10.1007/s10602-007-9017-1
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Article provided by Springer in its journal Constitutional Political Economy.

Volume (Year): 18 (2007)
Issue (Month): 2 (June)
Pages: 127-143

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Handle: RePEc:kap:copoec:v:18:y:2007:i:2:p:127-143
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=102866

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  1. Stigler, George J, 1992. "Law or Economics?," Journal of Law and Economics, University of Chicago Press, vol. 35(2), pages 455-68, October.
  2. Sutter, Daniel, 2002. " The Democratic Efficiency Debate and Definitions of Political Equilibrium," The Review of Austrian Economics, Springer, vol. 15(2-3), pages 199-209, June.
  3. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
  4. Ikeda, Sanford, 2003. " How Compatible Are Public Choice and Austrian Political Economy?," The Review of Austrian Economics, Springer, vol. 16(1), pages 63-75, March.
  5. Boettke, Peter J, 2002. " Information and Knowledge: Austrian Economics in Search of its Uniqueness," The Review of Austrian Economics, Springer, vol. 15(4), pages 263-74, December.
  6. Fernandez, Raquel & Rodrik, Dani, 1991. "Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty," American Economic Review, American Economic Association, vol. 81(5), pages 1146-55, December.
  7. Meir Kohn, 2004. "Value and Exchange," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 303-339, Fall.
  8. Demsetz, Harold, 1982. "Barriers to Entry," American Economic Review, American Economic Association, vol. 72(1), pages 47-57, March.
  9. Becker, Gary S, 1983. "A Theory of Competition among Pressure Groups for Political Influence," The Quarterly Journal of Economics, MIT Press, vol. 98(3), pages 371-400, August.
  10. John Ferejohn, 1986. "Incumbent performance and electoral control," Public Choice, Springer, vol. 50(1), pages 5-25, January.
  11. Boettke, Peter J & Lopez, Edward J, 2002. " Austrian Economics and Public Choice," The Review of Austrian Economics, Springer, vol. 15(2-3), pages 111-19, June.
  12. Reder, Melvin W, 1982. "Chicago Economics: Permanence and Change," Journal of Economic Literature, American Economic Association, vol. 20(1), pages 1-38, March.
  13. Rowley, Charles K, 1997. " Donald Wittman's The Myth of Democratic Failure: Review Article," Public Choice, Springer, vol. 92(1-2), pages 15-26, July.
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