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Political competition in a model of economic growth: Some theoretical results (*)

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  • Richard T. Boylan

    (Olin School of Business, One Brookings Drive, Washington University, St. Louis, MO 63130, USA)

  • Richard D. McKelvey

    (California Institute of Technology, Division of Humanities and Social Sciences, Pasadena, CA 91125, USA)

  • John Ledyard

    (California Institute of Technology, Division of Humanities and Social Sciences, Pasadena, CA 91125, USA)

Abstract

We analyze the role of political competition on the type of economic policies that are selected in a one sector model of economic growth. We identify conditions under which neoclassical optimal growth plans occur, and conditions in which political business cycles occur. We find that the ability commit to multi-period economic policy leads to less political stability of economic plans.

Suggested Citation

  • Richard T. Boylan & Richard D. McKelvey & John Ledyard, 1996. "Political competition in a model of economic growth: Some theoretical results (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(2), pages 191-205.
  • Handle: RePEc:spr:joecth:v:7:y:1996:i:2:p:191-205 Note: Received: November 2, 1994
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    References listed on IDEAS

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    1. Haller, Hans & Sarangi, Sudipta, 2005. "Nash networks with heterogeneous links," Mathematical Social Sciences, Elsevier, vol. 50(2), pages 181-201, September.
    2. Pascal Billand & Christophe Bravard & Sudipta Sarangi, 2008. "Existence of Nash networks in one-way flow models," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), pages 491-507.
    3. Andrea Galeotti, 2006. "One-way flow networks: the role of heterogeneity," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(1), pages 163-179, September.
    4. Andrea Galeotti & Sanjeev Goyal, 2002. "Network Formation with Heterogeneous Players," Tinbergen Institute Discussion Papers 02-069/1, Tinbergen Institute.
    5. Hans Haller & Jurjen Kamphorst & Sudipta Sarangi, 2007. "(Non-)existence and Scope of Nash Networks," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 31(3), pages 597-604, June.
    6. Galeotti, Andrea & Goyal, Sanjeev & Kamphorst, Jurjen, 2006. "Network formation with heterogeneous players," Games and Economic Behavior, Elsevier, vol. 54(2), pages 353-372, February.
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    Cited by:

    1. Battaglini, Marco & Nunnari, Salvatore & Palfrey, Thomas R., 2012. "Legislative Bargaining and the Dynamics of Public Investment," American Political Science Review, Cambridge University Press, pages 407-429.
    2. Christian Roessler & Sandro Shelegia & Bruno Strulovici, 2015. "Collective Commitment," Vienna Economics Papers 1507, University of Vienna, Department of Economics.
    3. Borissov, Kirill & Pakhnin, Mikhail & Puppe, Clemens, 2017. "On discounting and voting in a simple growth model," European Economic Review, Elsevier, vol. 94(C), pages 185-204.

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