Public Choice relies heavily on equilibrium analysis in its models of government failure. Austrians are suspicious of equilibrium analysis owing to its reliance on some variant of the perfect-knowledge assumption. To what extent then can Austrians consistently embrace public-choice descriptions of government failure? This paper argues that to maintain methodological consistency Public Choice should jettison the equilibrium, perfect-information framework, while keeping the empirically relevant assumption of narrow political interest.
The Review of Austrian Economics – Springer Journals
Published: Oct 4, 2004
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