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About this product
- DescriptionThis is a text seeking to refute one of the cornerstone beliefs of ecomics and political science: that ecomic markets are more efficient than the processes and institutions of democratic government. The author first considers the characteristic of efficient markets - informed, rational participants competing for well-defined and easily transferred property rights - and explains how they operate in democratic politics. He then analyzes how specific political institutions are organized to operate efficiently. Markets such as the the Congress in the United States, bureaucracies, and pressure groups, the author asserts contribute to efficient political outcomes. He also provides a theory of institutional design to explain how these political markets arise. Finally, Wittman addresses the methodological shortcomings of analyses of political market failure, and offers his own suggestions for a more effective research strategy. Ultimately, the study concludes that nearly all of the arguments claiming that ecomic markets are efficient apply equally well to democratic political markets; and, conversely, that ecomic models of political failure are t more valid than the analogous arguments for ecomic market failure.
- Author(s)Donald A. Wittman
- PublisherThe University of Chicago Press
- Date of Publication30/11/1995
- SubjectEconomics: Professional & General
- Series TitleAmerican Politics & Political Economy S.
- Place of PublicationChicago, IL
- Country of PublicationUnited States
- ImprintUniversity of Chicago Press
- Content Note13 figures, 1 table
- Weight352 g
- Width152 mm
- Height229 mm
- Spine15 mm
- Edition StatementNew edition
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