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When is ordinary law-making tolerated?

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  • Enrico Colombatto

Abstract

Institutions matter: they affect individual action, influence cooperation, and are crucial in making the difference between wealth and poverty, growth and stagnation. Yet, the explanatory power of modern institutional theorizing has not been exceedingly satisfactory. In contrast with the mainstream perspective, this paper suggests a theory of institutional dynamics based on the notions of justice, liberty, and tolerance. In particular, we put forward a stylized model of society, within which individuals are characterized by their ideological traits. We discuss under which conditions tensions emerge, and when demand for institutional change builds up. We conclude that today's democracies are inherently stable, and that this stability is explained by the socialist notion of liberty that characterizes the vast majority of the population of a typical modern society.

Suggested Citation

  • Enrico Colombatto, 2014. "When is ordinary law-making tolerated?," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 11(1), pages 79-92, June.
    • Handle: RePEc:liu:liucej:v:11:y:2014:i:1:p:79-92
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    References listed on IDEAS

    as
    1. Zak, Paul J & Knack, Stephen, 2001. "Trust and Growth," Economic Journal, Royal Economic Society, vol. 111(470), pages 295-321, April.
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    3. H. Peyton Young, 1996. "The Economics of Convention," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 105-122, Spring.
    4. Geoffrey M. Hodgson, 2000. "What Is the Essence of Institutional Economics?," Journal of Economic Issues, Taylor & Francis Journals, vol. 34(2), pages 317-329, June.
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    6. Gasiorowski, Mark J., 1995. "Economic Crisis and Political Regime Change: An Event History Analysis," American Political Science Review, Cambridge University Press, vol. 89(4), pages 882-897, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Legitimacy; tolerance; justice; institutions;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact

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