Journal ArticleDOI
An Economic Theory of Political Action in a Democracy
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For example, this article argued that the private sector is a self-regulating mechanism and that any government action beyond maintenance of law and order is "interference" with it rather than an intrinsic part of it.Abstract:
IN SPITE of the tremendous importance of government decisions in every phase of economic life, economic theorists have never successfully integrated government with private decision-makers in a single general equilibrium theory. Instead they have treated government action as an exogenous variable, determined by political considerations that lie outside the purview of economics. This view is really a carry-over from the classical premise that the private sector is a self-regulating mechanism and that any government action beyond maintenance of law and order is "interference" with it rather than an intrinsic part of it.2 However, in at least two fields of economic theory, the centrality of government action has forced economists to formulate rules that indicate how government "should" make decisions. Thus in the field of public finance, Hugh Dalton states:read more
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Journal ArticleDOI
Ballot Position Effects Under Compulsory and Optional Preferential-List PR Electoral Systems
TL;DR: In this article, the authors study how voters in preferential-list proportional representation (PLPR) systems make their candidate choices after selecting their party and find that being listed first or last has a disproportionately positive effect on preference vote shares compared to what would be expected based on ballot ranking.
Journal ArticleDOI
Inequality and Political Clientelism: Evidence from South India
TL;DR: In this article, the authors discuss when and why clientelism on the basis of party affiliation may arise and present a sample of local governments in India, showing that party-based clientelisms exist in two out of four states and to be strongly affected by economic inequality.
Journal ArticleDOI
The universal-instability theorem
TL;DR: The generalized exchange of support across issues as discussed by the authors characterizes all political, economic, and other interpersonal activity involving partial conflict of interest, i.e., when individual or corporate creatures with partly conflicting preferences cooperate or compromise, form an alliance or make a deal.
Posted Content
Political Cycles and Stock Returns
Lubos Pastor,Pietro Veronesi +1 more
TL;DR: This paper developed a model of political cycles driven by time-varying risk aversion, which implies that when risk aversion is high, agents are more likely to elect the party promising more fiscal redistribution.
Book ChapterDOI
Subnational Research in Comparative Politics: Substantive, Theoretical, and Methodological Contributions
TL;DR: Subnational politics has a prominent and long-standing tradition of studying politics not across countries but inside them, especially by zooming down to subnational units as mentioned in this paper, which is conventionally seen as the study of politics across countries.