Rev Austrian Econ (2016) 29:223–225 DOI 10.1007/s11138-014-0294-4 Wayne A. Leighton and Edward J. Lopez, Madmen, Intellectuals, and Academic Scribblers: The Economic Engine of Political Change Stanford, CA: Stanford University Press, 2013. xiv +209 Pages. $29.95 (Cloth) Daniel Sutter Published online: 22 November 2014 Springer Science+Business Media New York 2014 An enduring debate in public choice involves whether and if so why democracies produce economically inefficient policies. Wayne Leighton and Edward Lopez offer a take on this question inspired by Austrian economics, as well as examples of beneficial reform, in Madmen, Intellectuals, and Academic Scribblers: The Economic Engine of Political Change. The authors ascribe an important role to intellectuals and ideas, in contrast with more traditional public choice rationales of transactions costs and rational ignorance. The book contains seven chapters. Following an introduction, the next three chapters offer a short history of thought about governments and markets. Chapter 2 provides an incisive review of political philosophy’s quest to understand what constitutes good government. Chapter 3 reviews the evolution of economic thought on the well- performing economy. Chapter 4 considers the application of economic way of thinking to politics, or public choice. Chapter 5 shifts gears and offers a theory of
The Review of Austrian Economics – Springer Journals
Published: Nov 22, 2014
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