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The subjectivist-contrarian position
Springer Science and Business Media LLC - Tập 183 - Trang 479-494 - 2020
James Buchanan endorses a radical version of subjectivism at several points in his body of work. I distinguish two distinct criteria for subjectivism in Buchanan. First, Buchanan rejects the realism of preferences, arguing that they serve only as an analytical tool for understanding choice. Second, Buchanan adopts an Austrian perspective inspired by Kirzner and Shackle on the importance of creativ...... hiện toàn bộ
Market-Mobilized Capital
Springer Science and Business Media LLC - Tập 117 - Trang 357-372 - 2003
Theory suggests that capital is more likelyto be efficiently allocated via marketmechanisms, such as bank lending and stockissuance, than via non-market allocation. Consequently, we conjecture that increasedmarket allocation of capital will enhanceeconomic growth. We also posit that goodcollateral and corporate law will increasethe allocation of capital via debt andequity markets, respectively. Us...... hiện toàn bộ
The elements of candidate reputation: The effect of record and credibility on optimal spatial location
Springer Science and Business Media LLC - Tập 77 - Trang 757-772 - 1993
We build a model of two-candidate elections in which voters judge candidates on the basis of how well their announced campaign positions correspond with their records. Given different records, the candidates will adopt different campaign positions. Two types of reputational advantage are analyzed: proximity of the candidate's record to the median voter's ideal point, and the range of campaign posi...... hiện toàn bộ
Market structure and campaign contributions: Does concentration matter? A reply
Springer Science and Business Media LLC - Tập 58 - Trang 187-191 - 1988
Economic rents may be obtained through the process of market competition or be obtained by resorting to governmental protection. Rational firms choose the least costly alternative. Collusion to obtain governmental protection will be less costly, the higher the concentration, ceteris paribus. However, high concentration in itself is neither necessary nor sufficient to induce governmental protection...... hiện toàn bộ
Congressional rationality and spatial voting
Springer Science and Business Media LLC - Tập 45 - Trang 3-17 - 1985
It is very difficult to demonstrate that representatives employ sophisticated cost-benefit calculations in evaluating constituent benefits when making many legislative decisions. This is because most modern American legislation is ambiguous about which constituencies will receive particularized benefits. This paper examines a series of locational rollcall votes in which the benefits going to const...... hiện toàn bộ
Optimal central banker contracts and common agency: a comment
Springer Science and Business Media LLC - Tập 137 - Trang 197-206 - 2008
We explore a setting where the central bank is offered an incentive scheme by an interest group, in addition to the contract designed by the government. We prove that the inflation bias can be eliminated when principals do not cooperate and have different output or inflation objectives. These conclusions contrast with those of Chortareas and Miller (Public Choice 121:131–155, 2004). The reason is ...... hiện toàn bộ
The role of political partisanship during economic crises
Springer Science and Business Media LLC - Tập 158 - Trang 143-165 - 2012
Major economic crises may promote structural reforms, by increasing the cost of the status quo, or hinder them, by inducing more demand for protection. The ideology and political partisanship of the ruling government may be crucial in determining the prevailing course of action. In good times, conservative parties are typically pro-reform. However, do these parties try to exploit periods of crisis...... hiện toàn bộ
Democracy as an equilibrium
Springer Science and Business Media LLC - Tập 123 - Trang 253-273 - 2005
Observation shows that while democracy is fragile in poor countries, it is impregnable in developed ones. To explain this pattern, I develop a model in which political parties propose redistributions of incomes, observe the result of an election, and decide whether to comply with the outcome or to launch a struggle for dictatorship. Democracy prevails in developed societies because too much is at ...... hiện toàn bộ
Evolution, uncertainty, and the asymptotic efficiency of policy
Springer Science and Business Media LLC - Tập 192 - Trang 169-188 - 2022
Politics, like any social system, involves selection mechanisms. This paper presents a model of politics as an evolutionary process. Our model yields three main results. First, the political process selects for efficient policies in the long run. We call that attribute asymptotic efficiency. Second, bargaining amongst interest groups bounds the inefficiencies that can exist in the short run. Poten...... hiện toàn bộ
A local regulator's rewards for conformity in policy
Springer Science and Business Media LLC - Tập 45 - Trang 291-302 - 1985
This note is an empirical investigation of the benefits that accrue to local building departments for a regulatory policy that conforms to the relative strength of local interest groups. The study uses an interest group model and applies it to data for building departments in 1100 municipalities. It finds that material benefits in terms of budgets and salaries go to building agencies which set a s...... hiện toàn bộ
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