How Compatible are Public Choice and Austrian Political Economy?

How Compatible are Public Choice and Austrian Political Economy? 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

How Compatible are Public Choice and Austrian Political Economy?

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2003 by Kluwer Academic Publishers
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1023/A:1022909308090
Publisher site
See Article on Publisher Site

Abstract

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.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Oct 4, 2004

References

  • Regulatory Disequilibrium and Inefficiency: The Case of Interstate Trucking
    Benson, B. L.

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