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How Compatible Are Public Choice and Austrian Political Economy?


  • Ikeda, Sanford


Public choice relies heavily on equilibrium analysis in its models of government failure. Austrians are suspicious of equilibrium analysis owing to its reliance on some variant of the perfect-knowledge assumption. To what extent then can Austrians consistently embrace public-choice descriptions of government failure? This paper argues that to maintain methodological consistency public choice should jettison the equilibrium, perfect-information framework, while keeping the empirically relevant assumption of narrow political interest. Copyright 2003 by Kluwer Academic Publishers

Suggested Citation

  • Ikeda, Sanford, 2003. "How Compatible Are Public Choice and Austrian Political Economy?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(1), pages 63-75, March.
  • Handle: RePEc:kap:revaec:v:16:y:2003:i:1:p:63-75

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    Cited by:

    1. Makovi, Michael, 2016. "Labor Economics in a Planned Economy: F. A. Hayek and John Jewkes on the Impossibility of Democratic Socialism," MPRA Paper 70174, University Library of Munich, Germany.
    2. Daniel B. Klein, 2004. "Statist Quo Bias," Econ Journal Watch, Econ Journal Watch, vol. 1(2), pages 260-271, August.
    3. Alexander William Salter, 2013. "Not all NGDP Is Created Equal: A Critique of Market Monetarism," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 29(Fall 2013), pages 41-52.
    4. Diana Thomas & Michael Thomas, 2014. "Entrepreneurship: Catallactic and constitutional perspectives," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(1), pages 11-22, March.
    5. Peter Boettke & Christopher Coyne & Peter Leeson, 2007. "Saving government failure theory from itself: recasting political economy from an Austrian perspective," Constitutional Political Economy, Springer, vol. 18(2), pages 127-143, June.
    6. Anthony Evans, 2009. "Constitutional moments in Eastern Europe and subjectivist political economy," Constitutional Political Economy, Springer, vol. 20(2), pages 118-138, June.
    7. repec:kap:iaecre:v:20:y:2014:i:2:p:213-226 is not listed on IDEAS
    8. Harris, E., 2007. "Historical regulation of Victoria's water sector: A case of government failure?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 51(3), pages 1-10.
    9. 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.
    10. Makovi, Michael, 2016. "Interest Groups and the Impossibility of Democratic Socialism: Hayek, Jewkes, and the Arrow Theorem," MPRA Paper 70173, University Library of Munich, Germany.
    11. Nikolai Wenzel, 2014. "Lessons from Constitutional Culture and the History of Constitutional Transfer: A Hope for Constitutionally Limited Government?," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 20(2), pages 213-226, May.

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