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Analytic radicalism

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  • Brad Taylor

Abstract

Brennan and Hamlin provide a normative justification for dispositional conservatism based on the concave value functions which give rise to quasi-risk aversion. This note modifies this argument for “analytic conservatism” by allowing jurisdictional exit in response to institutional decline. By providing a welfare floor which limits the cost of failure, exit reverses the normative implications of Brennan and Hamlin’s argument, making risk-neutral agents quasi-risk seeking and justifying a radical disposition to reform under some circumstances. Copyright Springer Science+Business Media New York 2013

Suggested Citation

  • Brad Taylor, 2013. "Analytic radicalism," Constitutional Political Economy, Springer, vol. 24(2), pages 166-172, June.
    • Handle: RePEc:kap:copoec:v:24:y:2013:i:2:p:166-172
    DOI: 10.1007/s10602-013-9134-y
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    References listed on IDEAS

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    1. Viktor Vanberg & Wolfgang Kerber, 1994. "Institutional competition among jurisdictions: An evolutionary approach," Constitutional Political Economy, Springer, vol. 5(2), pages 193-219, March.
    2. Brennan, Geoffrey & Buchanan, James, 1981. "The normative purpose of economic "science": Rediscovery of an eighteenth century method," International Review of Law and Economics, Elsevier, vol. 1(2), pages 155-166, December.
    3. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416-416.
    4. Brennan, Geoffrey & Hamlin, Alan, 2004. "Analytic Conservatism," British Journal of Political Science, Cambridge University Press, vol. 34(4), pages 675-691, October.
    5. Brennan, Geoffrey & Buchanan, James, 1983. "Predictive Power and the Choice among Regimes," Economic Journal, Royal Economic Society, vol. 93(369), pages 89-105, March.
    6. Kuran, Timur, 1988. "The tenacious past: Theories of personal and collective conservatism," Journal of Economic Behavior & Organization, Elsevier, vol. 10(2), pages 143-171, September.
    7. Giuseppe Eusepi & Alan P. Hamlin (ed.), 2006. "Beyond Conventional Economics," Books, Edward Elgar Publishing, number 4059.
    8. Ng Yew Kwang, 1965. "Why do People Buy Lottery Tickets? Choices Involving Risk and the Indivisibility of Expenditure," Journal of Political Economy, University of Chicago Press, vol. 73, pages 530-530.
    9. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279-279.
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    Cited by:

    1. Michael Brooks, 2015. "Analytic conservatism and analytic radicalism: Of understated distinctions and other analytical things," Constitutional Political Economy, Springer, vol. 26(4), pages 442-454, December.

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    More about this item

    Keywords

    Conservatism; Radicalism; Tiebout competition; Exit; Risk preference; Constitutional political economy; D61; D81; H10;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • H10 - Public Economics - - Structure and Scope of Government - - - General

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