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Saving government failure theory from itself: recasting political economy from an Austrian perspective

Saving government failure theory from itself: recasting political economy from an Austrian... The economic approach to politics revolutionized the way scholars in economics and political science approached the study of political decision-making by introducing the possibility of government failure. However, the persistent and consistent application of neoclassical models of economics also seemed to suggest that once the full costs were accounted for, this failure was an illusion. This paper counters these arguments, typically associated with George Stigler, Gary Becker and Donald Wittman, by focusing on the underlying economic theory. We develop an alternative model of political economy grounded in the Austrian conception of the dynamic market process. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Constitutional Political Economy Springer Journals

Saving government failure theory from itself: recasting political economy from an Austrian perspective

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References (63)

Publisher
Springer Journals
Copyright
Copyright © 2007 by Springer Science + Business Media, LLC
Subject
Political Science and International Relations; Political Science; Constitutional Law; Economic Theory/Quantitative Economics/Mathematical Methods
ISSN
1043-4062
eISSN
1572-9966
DOI
10.1007/s10602-007-9017-1
Publisher site
See Article on Publisher Site

Abstract

The economic approach to politics revolutionized the way scholars in economics and political science approached the study of political decision-making by introducing the possibility of government failure. However, the persistent and consistent application of neoclassical models of economics also seemed to suggest that once the full costs were accounted for, this failure was an illusion. This paper counters these arguments, typically associated with George Stigler, Gary Becker and Donald Wittman, by focusing on the underlying economic theory. We develop an alternative model of political economy grounded in the Austrian conception of the dynamic market process.

Journal

Constitutional Political EconomySpringer Journals

Published: Mar 29, 2007

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