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Economic and political competition in neoclassical and evolutionary perspective

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  • Michael Wohlgemuth

Abstract

Neoclassical welfare economics still looms large in the discipline of public choice. Particularly, by constructing analogies of political competition fundamental shortcomings of “old” neoclassical paradigms found their way into a “new” theory of political economy. Especially the failure to deal with the problem of limited knowledge and with the role of institutions obscured fundamental differences between political and economic systems of coordination and control. Hence, I propose a non-neoclassical perspective, using Hayekian concepts like “competition as a discovery procedure” or “spontaneous order” to develop an alternative agenda for many fields of public choice. I shall first outline a critique of neoclassical equilibrium settings in economics and in similarly constructed models of democracy. Then various properties of economic and political institutions, the competition of ideas and institutional competition among jurisdictions will be discussed in an evolutionary perspective. Not surprisingly, these applications reveal some similarities to central themes of constitutional political economy. Copyright Kluwer Academic Publishers 1995

Suggested Citation

  • Michael Wohlgemuth, 1995. "Economic and political competition in neoclassical and evolutionary perspective," Constitutional Political Economy, Springer, vol. 6(1), pages 71-96, December.
  • Handle: RePEc:kap:copoec:v:6:y:1995:i:1:p:71-96
    DOI: 10.1007/BF01298377
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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. Pasour, E C, Jr, 1992. "Economists and Public Policy: Chicago Political Economy versus Conventional Views," Public Choice, Springer, vol. 74(2), pages 153-167, September.
    3. Tollison, Robert D, 1982. "Rent Seeking: A Survey," Kyklos, Wiley Blackwell, vol. 35(4), pages 575-602.
    4. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135-135.
    5. Wittman, Donald, 1989. "Why Democracies Produce Efficient Results," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1395-1424, December.
    6. Wagner, Richard E, 1993. "The Impending Transformation of Public Choice Scholarship," Public Choice, Springer, vol. 77(1), pages 203-212, September.
    7. Robert Tollison, 1989. "Chicago Political Economy," Public Choice, Springer, vol. 63(3), pages 293-297, December.
    8. James M. Buchanan, 1954. "Individual Choice in Voting and the Market," Journal of Political Economy, University of Chicago Press, vol. 62, pages 334-334.
    9. Breton, Albert, 1993. "Toward a Presumption of Efficiency in Politics," Public Choice, Springer, vol. 77(1), pages 53-65, September.
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    Cited by:

    1. Knoll Bodo & Koenig Andreas, 2011. "Leviathan Europa – Stärkung der Nationalstaaten und der EU durch konstitutionelle Schranken?," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 60(2), pages 127-145, August.
    2. Anthony Evans, 2014. "A subjectivist’s solution to the limits of public choice," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(1), pages 23-44, March.
    3. Streit Manfred E., 1998. "Competition Among Systems, Harmonisation and Integration," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 8(2-3), pages 1-16, June.

    More about this item

    Keywords

    A12; D70; B41;

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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