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Parliament as a Wealth Maximizing Institution : The Right to the Residual and the Right to Vote

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  • Barzel, Y

Abstract

What could explain the emergence of parliament and its ascendancy? I argue that dictatorial kings encountered difficulties in securing the cooperation of their subjects because they could not commit not to confiscate subjects' gains. Where the gain from cooperation increased and kings were more secure, they deliberately gave up some of their power to be able to commit themselves to keep their promises.

Suggested Citation

  • Barzel, Y, 1997. "Parliament as a Wealth Maximizing Institution : The Right to the Residual and the Right to Vote," Discussion Papers in Economics at the University of Washington 97-13, Department of Economics at the University of Washington.
  • Handle: RePEc:fth:washer:97-13
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    Cited by:

    1. Voigt, Stefan & Ebeling, Michael & Blume, Lorenz, 2007. "Improving credibility by delegating judicial competence--the case of the Judicial Committee of the Privy Council," Journal of Development Economics, Elsevier, vol. 82(2), pages 348-373, March.
    2. Hayo, Bernd & Voigt, Stefan, 2007. "Explaining de facto judicial independence," International Review of Law and Economics, Elsevier, vol. 27(3), pages 269-290, September.
    3. Jim Rose & Simon Hay, 2001. "Three Steps Towards More Effective Development Assistance," Treasury Working Paper Series 01/26, New Zealand Treasury.
    4. Voigt, Stefan, 2005. "Membership has its Privileges: On the Effects of Delegating Powers Internationally," Volkswirtschaftliche Diskussionsbeiträge 73, University of Kassel, Faculty of Economics and Management.

    More about this item

    Keywords

    POLITICS ; PARLIAMENT;

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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