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1 the Good, the Bad and the Populist: a Model of Political Agency With
The Good, the Bad and the Populist: A Model of Political Agency with Emotional Voters Colin Jennings Department of Economics, University of Strathclyde, Glasgow, G4 0GE, UK [email protected] Abstract This paper extends the political agency approach to an environment in which voting may be divided between informed and instrumental, informed and ‘expressive’ and uninformed due to ‘rational irrationality’. It constructs a model where politicians may be good, bad or populist. Initially the existence of only good and populist politicians is assumed and the incentives for good politicians to pool with or separate from populists are investigated and the implications for voter welfare are explored. The paper goes on to consider the inclusion of bad politicians. The paper makes three main contributions. First, it provides a rational choice analysis of populism as populism is commonly understood. Second, it locates a potential role for government as a persuasive provider of information regarding the quality of policy. Third, when bad politicians are added to the analysis it is found that a little bit of potential corruption could improve voter welfare. Keywords: Political Agency, Expressive Voting, Rational Irrationality, Democratic Inefficiency, Populism 1 1. Introduction A crucial debate within Political Economics is the extent to which we can assume full rationality on the part of voters. Since Downs (1957), the concept of ‘rational ignorance’ has been a thorny problem to deal with. The idea is that given the very low probability of determining the outcome of an election, there is very little incentive for voters to become well-informed about the link between policy and outcomes. -
Cantillon and the Rise of Anti-Mercantilism
CANTILLON AND THE RISE OF ANTI-MERCANTILISM MARK THORNTON* Resumen: En este trabajo se pretende demostrar que Cantillon formó parte tanto del pensamiento como del movimiento antimercantilista de su época, influyendo en gran medida en el cambio de opinión en contra del mercantilismo que se fue fraguando de 1720 a 1734. Clasificación JEL: B110, B31, N010. Abstract: This article places Cantillon at the center of anti-mercantilist thought and the anti-mercantilist movements in London and Paris between the time of the Bubbles of 1720 and his murder in 1734 and it places his ideas at the turning point between the eras of mercantilism and antimercantilism. JEL classification: B110, B31, N010. «It seems to me that there is a connection between physiocracy and anti-mercantilism, or at any rate between Boisguilbert (1646-1714) and Quesnay (1694-1774), though it is not easy to say just what this connection was.» Martin Wolfe1 «In itself Cantillon’s (168?-1734?) was a contribution of real significance, and it would be difficult to find a more incisive prophet of nineteenth-century liberalism.» Robert B. Ekelund, Jr. and Robert F. Hébert2 * Dr. Mark Thorntorn, Senior Fellow, Ludwig von Mises Institute, [email protected] 1 Martin Wolfe, «French Views on Wealth and Taxes from the Middle Ages to the Old Regime,» Journal of Economic History 26 (1966): 466-483. 2 Robert B. Ekelund, Jr. and Robert F. Hébert. A History of Economic Theory and Method (New York: McGraw-Hill, 1975): 44. Procesos de Mercado: Revista Europea de Economía Política Vol. VI, n.º 1, Primavera 2009, pp. -
New Perspectives on Political Economy Monetary Reform – The
ISSN 1801-0938 New Perspectives on Political Economy Volume 5, Number 2, 2009, pp. 111 – 128 Monetary Reform – The Case for Button-Pushing Philipp Bagus JEL Classification: E50, P11, P21, P31 Abstract: In this paper I present a monetary reform plan that seeks to achieve a sound monetary system. I suggest the following three criteria of a good reform: it must be ethical, it must be based on sound economic theory and it must leave room for evolutionary processes. Based on these criteria and applying them to the monetary system, I argue for an immediate cancellation of all government intervention into the monetary realm. Assistant professor at Universidad Rey Juan Carlos, Madrid, [email protected]. I would like to thank William Barnett II, Walter Block, Barbara Hinze, Guido Hülsmann and Mark Thornton for helpful comments and the Ludwig von Mises Institute for financial help. 112 New Perspectives on Political Economy 1 Introduction In a previous paper (Bagus, 2008), I presented the proposals for monetary reform of- fered by the Austrian economists Ludwig Mises, Murray N. Rothbard, Jesús Huerta de Soto and Hans Sennholz. Their aim is a more stable monetary system that permits monetary freedom. Without questioning the aim, I set out to criticize the way that those outstanding economists proposed to get to their aim. In fact, Mises, Rothbard, Huerta de Soto and Sennholz offer plans of monetary reform that entail numerous state interventions into the economy, inconsistencies, arbitrariness, and tactical am- biguities. Their proposals contradict their own ethical and political principles, only partially resulting in monetary reform. -
Economía Política
PROCESOS DE MERCADO REVISTA EUROPEA DE ECONOMÍA POLÍTICA Procesos de Mercado Yeso y pigmentos sobre tela y madera Julio Toquero, 2005 “Subyace en este cuadro una reflexión relativa al cambio, a la energía —acción vigorosa— y a la consciencia: realidades fundamentales en los procesos de mercado y en el arte”. PROCESOS DE MERCADO REVISTA EUROPEA DE ECONOMÍA POLÍTICA VOLUMEN X, NÚMERO 1, PRIMAVERA 2013 REVISTA SEMESTRAL PUBLICADA POR UNIÓN EDITORIAL, CON LA COLABORACIÓN DE LA FACULTAD DE CIENCIAS JURÍDICAS Y SOCIALES DE LA UNIVERSIDAD REY JUAN CARLOS HIMNO Dio, che nell’alma infondere Dios, que has querido poner amor volesti e speme, en nuestra alma el amor y la esperanza, desio nel core accendere debes alumbrar en nuestro corazón tu dei di libertà. el deseo de libertad. Giuramo insiem di vivere Juramos juntos vivir e di morire insieme. y morir juntos. In terra, in ciel En la tierra, en el cielo ... congiungere ci può, ... reunirnos podrá, ci può la tua bontà. podrá tu bondad. Ah! Dio, che nell’alma infondere ¡Ah!, Dios, que has querido poner amor volesti e speme, en nuestra alma el amor y la esperanza, desio nel core accendere debes alumbrar en nuestro corazón tu dei di libertà. el deseo de libertad. Don Carlo (1884), GIUSEPPE VERDI (Dúo de Don Carlo y Don Rodrigo, final de la Escena Primera, Acto Segundo) © 2004, Jesús Huerta de Soto Unión Editorial, S.A. © 2004, Unión Editorial, S.A. Martín Machío, 15 ISSN: 1697-6797 28002 Madrid Depósito legal: M-17.229-2004 Tel: 91 350 02 28 • Fax: 91 181 22 12 Correo: [email protected] Administración de Procesos de Mercado: www.unioneditorial.es c/o Jesús Huerta de Soto Universidad Rey Juan Carlos Diseño y Maquetación: JPM GRAPHIC, S.L. -
Andrew P. Vance Memorial Writing Competition
Brooklyn Journal of International Law Volume 29 | Issue 2 Article 4 2004 Andrew P. Vance Memorial Writing Competition Winner Rational Irrationality: Why Playing the World Trade Organization as a Scapegoat Reduces the Social Costs of Armchair Economics Joseph Siprut Follow this and additional works at: https://brooklynworks.brooklaw.edu/bjil Recommended Citation Joseph Siprut, Andrew P. Vance Memorial Writing Competition Winner Rational Irrationality: Why Playing the World Trade Organization as a Scapegoat Reduces the Social Costs of Armchair Economics, 29 Brook. J. Int'l L. (2004). Available at: https://brooklynworks.brooklaw.edu/bjil/vol29/iss2/4 This Article is brought to you for free and open access by the Law Journals at BrooklynWorks. It has been accepted for inclusion in Brooklyn Journal of International Law by an authorized editor of BrooklynWorks. File: SpirutMacro2.5.04.doc Created on: 2/5/2004 5:28 PM Last Printed: 4/8/2004 1:39 PM RATIONAL IRRATIONALITY: WHY PLAYING THE WORLD TRADE ORGANIZATION AS A SCAPEGOAT REDUCES THE SOCIAL COSTS OF ARMCHAIR ECONOMICS Joseph Siprut∗ INTRODUCTION he World Trade Organization (“WTO”) may be one of the Tmost reviled institutions on the planet. If so, then this villainous role is one that the WTO should happily continue to play. This Article proposes a theoretical model of the political economy of international trade that conceives of the WTO as something more than a mere institution administering multi- lateral trade agreements. Like any regime of multilateral agreements premised on reciprocity, the WTO promotes free trade by mobilizing export interest groups to counteract the pressures of domestic producer interest groups, thereby making tariff reductions politically feasible. -
Tesis 2015 Version 97 Vale
UNIVERSIDAD COMPLUTENSE DE MADRID FACULTAD DE CIENCIAS ECONOMICAS Y EMPRESARIALES Departamento de Historia e Instituciones Económicas I TESIS DOCTORAL Fundamentos teóricos de la controversia entre Hayek y Keynes. Dos visiones acerca del orden económico y la historia MEMORIA PARA OPTAR AL GRADO DE DOCTOR PRESENTADA POR Pablo Losoviz Adaui Director Fernando Méndez Ibisate Madrid, 2017 © Pablo Losoviz Adaui, 2015 UNIVERSIDAD COMPLUTENSE DE MADRID FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES DEPARTAMENTO DE HISTORIA E INSTITUCIONES ECONÓMICAS I FUNDAMENTOS TEÓRICOS DE LA CONTROVERSIA ENTRE HAYEK Y KEYNES. DOS VISIONES ACERCA DEL ORDEN ECONÓMICO Y LA HISTORIA. TESIS DOCTORAL DE: PABLO LOSOVIZ ADAUI DIRIGIDA POR: FERNANDO MÉNDEZ IBISATE MADRID, 2015 © Pablo Losoviz Adaui, 2015. Agradecimientos y dedicatorias. En primer lugar deseo agradecer a mi tutor de Tesis, D. Fernando Méndez Ibisate, el cual al plantearle que deseaba realizar una investigación sobre el ciclo económico me sugirió que profundizara sobre el debate sostenido entre F. A. Hayek y J. M. Keynes. Sin duda que el provecho que he obtenido a lo largo de estos años de investigación abarca mucho más que simplemente el fenómeno del ciclo y solo espero que, aunque sea en cierta medida, en este trabajo de investigación haya quedado reflejado. En varios de los puntos de esta tesis sin mencionar explícitamente el problema de las crisis y fluctuaciones económicas el lector podrá observar sugerencias sobre el mismo de suma importancia. Realmente lo que se ha intentado es situar el debate entre Hayek y Keynes dentro de la órbita de la historia del pensamiento económico y en particular sobre la percepción filosófica y metodológica que juega la concepción de la Historia en ambos. -
Peter J. Boettke
PETER J. BOETTKE BB&T Professor for the Study of Capitalism, Mercatus Center at George Mason University, & University Professor of Economics and Philosophy Department of Economics, MSN 3G4 George Mason University Fairfax, VA 22030 Tel: 703-993-1149 Fax: 703-993-1133 Web: http://www.peter-boettke.com http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=182652 http://www.coordinationproblem.org PERSONAL Date of birth: January 3, 1960 Nationality: United States EDUCATION Ph.D. in Economics, George Mason University, January, 1989 M.A. in Economics, George Mason University, January, 1987 B.A. in Economics, Grove City College, May, 1983 TITLE OF DOCTORAL THESIS: The Political Economy of Soviet Socialism, 1918-1928 PROFESSIONAL EXPERIENCE Academic Positions 1987 –88 Visiting Assistant Professor, Department of Economics, George Mason University 1988 –90 Assistant Professor, Department of Economics, School of Business Administration, Oakland University, Rochester, MI 48309 1990 –97 Assistant Professor, Department of Economics, New York University, New York, NY 10003 1997 –98 Associate Professor, Department of Economics and Finance, School of Business, Manhattan College, Riverdale, NY 10471 1998 – 2003 Associate Professor, Department of Economics, George Mason University, Fairfax, VA 22030 (tenured Fall 2000) 2003 –07 Professor, Department of Economics, George Mason University, Fairfax, VA 22030 2007 – University Professor, George Mason University 2011 – Affiliate Faculty, Department of Philosophy, George Mason University FIELDS OF INTEREST -
Murray N. Rothbard: an Obituary
MurrayN. Rothbard , IN MEMORIAM PREFACE BY JoANN ROTHBARD EDITED BY LLEWELLYN H. ROCKWELL, JR. Ludwig von Mises Institute Auburn, Alabama 1995 Copyright © 1995 by the Ludwig von Mises Institute, Auburn, Alabama 36849-5301 All rights reserved. Written permission must be secured from the publisher to use or reproduce any part of this book, except for brief quotations in critical reviews or articles. ISBN: 0-945466-19-6 CONTENTS PREFACE, BY JOANN ROTHBARD ................................................................ vii HANS F. SENNHOLZ ...................................................................................... 1 RALPH RAIco ................................................................................................ 2 RON PAUL ..................................................................................................... 5 RICHARD VEDDER .................•.........•............................................................. 7 ROCER W. GARRISON .................................................................................. 13 WALTER BLOCK ........................................................................................... 19 MARTIN ANDERSON •.•.....................................•........................................... 26 MARK THORNTON ..................................................................•.................... 27 JAMES GRANT .............................................................................................. 29 PETER G. KLEIN ......................................................................................... -
Exchange, Production, and Samaritan Dilemmas
Munich Personal RePEc Archive Exchange, production, and Samaritan dilemmas Boettke, Peter George Mason University 2010 Online at https://mpra.ub.uni-muenchen.de/33199/ MPRA Paper No. 33199, posted 06 Sep 2011 15:13 UTC Exchange, Production, and Samaritan Dilemmas ∗ + Peter Boettke and Adam Martin Libertarians are surprisingly comfortable with basic income policy and related proposals. The classic statement, of course, is Milton Friedman’s ‘negative income tax’ proposal from Capitalism and Freedom (1962). Though the demand for a “basic income policy” is different in the sense that it is usually associated with an unconditional guarantee to an income to each citizen in the absence of a means test and any work requirement, the negative income tax proposal was designed to be administratively cost cutting with respect to welfare policies while operationalizing the intent of a basic income policy to provide citizens with the financial floor required for human dignity. Charles Murray (2006, 2008) has defended it as a potential compromise between libertarians and liberals as a measure replacing the welfare state. Hayek (1944, 1960), while lambasting proposals to engineer the overall pattern of income distribution, defends the idea of a minimum income floor, one of the primary aims of basic income advocates. And libertarian economists have long recognized that, given the existence of redistribution, simple cash transfers are preferable to the bureaucratic machinery necessary for rationing specific goods. We take issue with this conciliatory attitude. Though it is beyond the scope of this short essay to present anything like a comprehensive appraisal of basic income policy ∗ University Professor of Economics at George Mason University, and BB&T Professor for the Study of Capitalism at Mercatus Center. -
Anarchism and Austrian Economics
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Munich Personal RePEc Archive MPRA Munich Personal RePEc Archive Anarchism and Austrian economics Peter Boettke George Mason University 2011 Online at https://mpra.ub.uni-muenchen.de/33069/ MPRA Paper No. 33069, posted 30. August 2011 16:16 UTC Anarchism and Austrian Economics Peter Boettke I. Introduction It is a great honor for me to give the Cuhel Memorial Lecture at the Prague Conference on Political Economy for 2011. Franz Cuhel rightly holds an honored place in the development of the pure theory of the Austrian school of economics.1 Ludwig von Mises credits Cuhel (1907) with providing the first presentation of a strict ordinal marginal utility analysis. The confusion in choice theory that eventually lead to the purging of the human element in the economic analysis of decision making would have been avoided had Cuhel’s ordinal presentation of marginal utility analysis been more widely accepted. Instead, it was for Mises (1949) and later Rothbard (1962b) to develop that presentation and offer it as an alternative to the neoclassical theory of microeconomics that developed after John Hicks’ (1939) Value and Capital. The implications, I would argue, are far greater than the technical issues of ordinal versus cardinal utility and the subsequent debate among ordinal utility theorists of marginal utility analysis and demonstrated preference versus marginal rates of substitution and indifference curve analysis, etc. The implications of the debate in choice theory go to core of how we view the individual that we study in economics.2 The University Professor of Economics at George Mason University, and BB&T Professor for the Study of Capitalism at the Mercatus Center. -
Imre Szeman Entrepreneurship As the New Common Sense
Imre Szeman Entrepreneurship as the New Common Sense We have not emerged from the “iron cage” of the capitalist economy to which Weber referred. Rather, in some respects, it would have to be said that everyone is enjoined to construct their own. —Pierre Dardot and Christian Laval, “The New Way of the World, Part I: Manufacturing the Neoliberal Subject” In its May 2014 issue, Wired magazine featured an account of the trials and tribulations of Boom- train, a Silicon Valley start-up that was struggling to find the funds to get started up. The Netflix- style recommendation engine that Boomtrain was creating was of some interest to investors and bigger tech companies. However, these investors wanted to see the fruits of the firm’s high-end labor before passing along serious money. In the increas- ingly cart-before-horse world of investment fund- ing, Boomtrain was thus finding it difficult to keep afloat as it tried to cash in on the Internet boom. The plucky duo at the center of Boomtrain vowed to keep at the project nonetheless. After all, hard work, risk-taking, and the ferocious chal- lenge of a crowded, competitive marketplace were a necessary part of the high-tech entrepreneurial adventure—a series of trials that, rather than The South Atlantic Quarterly 114:3, July 2015 doi 10.1215/00382876-3130701 © 2015 Duke University Press Downloaded from http://read.dukeupress.edu/south-atlantic-quarterly/article-pdf/114/3/471/502984/ddsaq_114_3_01szeman_fpp.pdf by guest on 01 October 2021 472 The South Atlantic Quarterly • July 2015 constituting an impediment to their efforts, all but guaranteed success in the end. -
Beyond Individualism and Spontaneity: Comments on Peter Boettke and Christopher Coyneଝ Michael D
Journal of Economic Behavior & Organization Vol. 57 (2005) 167–172 Beyond individualism and spontaneity: Comments on Peter Boettke and Christopher Coyneଝ Michael D. McGinnis ∗ Department of Political Science, Woodburn Hall 210, 1100 E. 7th Street, Indiana University, Bloomington, IN 47405-6001, USA Received 30 January 2004; received in revised form 1 May 2004; accepted 7 June 2004 Available online 26 February 2005 Abstract This paper builds on the work of Boettke and Coyne that locates the research of Elinor and Vincent Ostrom and their Workshop colleagues within a broad intellectual tradition of long duration. It is argued that the Ostroms and the rest of the Workshop have made rather substantial departures beyond these intellectual forebears than may be evident from Boettke and Coyne’s overview. Specific focus is placed on two of the major points that they discuss: methodological individualism and spontaneous order. © 2005 Elsevier B.V. All rights reserved. JEL classification: B4 Keywords: Elinor Ostrom; Vincent Ostrom; Methodological individualism; Spontaneous order I want to thank Peter Boettke and Christopher Coyne for writing this excellent back- ground paper locating the research of Elinor and Vincent Ostrom and their Workshop colleagues within a broad intellectual tradition of long duration. I have been associated with the Workshop for a little over ten years now, and it is reassuring to realize that I am ଝ Prepared for presentation at the Academic Conference in Honor of the Work of Elinor and Vincent Ostrom, George Mason University Law School, November 7, 2003. ∗ Tel.: +1 812 855 8784/0441; fax: +1 812 855 2027. E-mail address: [email protected].