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Political Competition in Economic Perspective

  • Pranab Bardhan

    (University of California, Berkeley)

  • Tsung-Tao Yang

    (University of California, Berkeley)

It is sometimes argued that political competition yields benefits to the citizens just as competition in economic markets yields benefits to consumers. We consider the economic costs and benefits of political competition and find that the story is somewhat more complicated. We first review the limited existing literature on this topic, and in the process, identify a number of distinct interpretations of what constitutes political competition. We then turn our attention to two forms of political competition based on what we refer to as accountability for incumbents and electoral politics. We find that, while political competition can yield allocative benefits for the public, it can also generate aggregate welfare costs by constricting the set of politically feasible public investments.

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File URL: http://econwpa.repec.org/eps/dev/papers/0407/0407009.pdf
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Paper provided by EconWPA in its series Development and Comp Systems with number 0407009.

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Length: 35 pages
Date of creation: 19 Jul 2004
Date of revision:
Handle: RePEc:wpa:wuwpdc:0407009
Note: 35 pages, Acrobat .pdf
Contact details of provider: Web page: http://econwpa.repec.org

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  1. Torsten Persson & Guido Tabellini, 2002. "Political Economics: Explaining Economic Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262661314, June.
  2. James A. Robinson & Daron Acemoglu, 2000. "Political Losers as a Barrier to Economic Development," American Economic Review, American Economic Association, vol. 90(2), pages 126-130, May.
  3. Skilling, David & Zeckhauser, Richard J., 2002. "Political competition and debt trajectories in Japan and the OECD," Japan and the World Economy, Elsevier, vol. 14(2), pages 121-135, April.
  4. Daron Acemoglu & James A. Robinson, 2002. "Economic Backwardness in Political Perspective," NBER Working Papers 8831, National Bureau of Economic Research, Inc.
  5. Persson, Torsten & Roland, Gerard & Tabellini, Guido, 1997. "Separation of Powers and Political Accountability," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1163-1202, November.
  6. Mondino, Guillermo & Sturzenegger, Federico & Tommasi, Mariano, 1996. "Recurrent High Inflation and Stabilization: A Dynamic Game," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(4), pages 981-96, November.
  7. Rasmusen, Eric & Ramseyer, J Mark, 1994. " Cheap Bribes and the Corruption Ban: A Coordination Game among Rational Legislators," Public Choice, Springer, vol. 78(3-4), pages 305-27, March.
  8. Fernandez, Raquel & Rodrik, Dani, 1991. "Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty," American Economic Review, American Economic Association, vol. 81(5), pages 1146-55, December.
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