9780226904238-0226904237-The Myth of Democratic Failure: Why Political Institutions Are Efficient (American Politics and Political Economy Series)

The Myth of Democratic Failure: Why Political Institutions Are Efficient (American Politics and Political Economy Series)

ISBN-13: 9780226904238
ISBN-10: 0226904237
Edition: 2nd
Author: Wittman, Donald A.
Publication date: 1997
Publisher: University of Chicago Press
Format: Paperback 240 pages
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Book details

ISBN-13: 9780226904238
ISBN-10: 0226904237
Edition: 2nd
Author: Wittman, Donald A.
Publication date: 1997
Publisher: University of Chicago Press
Format: Paperback 240 pages

Summary

Acknowledged authors Wittman, Donald A. wrote The Myth of Democratic Failure: Why Political Institutions Are Efficient (American Politics and Political Economy Series) comprising 240 pages back in 1997. Textbook and eTextbook are published under ISBN 0226904237 and 9780226904238. Since then The Myth of Democratic Failure: Why Political Institutions Are Efficient (American Politics and Political Economy Series) textbook was available to sell back to BooksRun online for the top buyback price of $ 0.35 or rent at the marketplace.

Description

This book refutes one of the cornerstone beliefs of economics and political science: that economic markets are more efficient than the processes and institutions of democratic government.

Wittman 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, he demonstrates, 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, he demonstrates that nearly all of the arguments claiming that economic markets are efficient apply equally well to democratic political markets; and, conversely, that economic models of political failure are not more valid than the analogous arguments for economic market failure.

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