An Economic Theory of DemocracyThis book seeks to elucidate its subject-the governing of democratic state-by making intelligible the party politics of democracies. Downs treats this differently than do other students of politics. His explanations are systematically related to, and deducible from, precisely stated assumptions about the motivations that attend the decisions of voters and parties and the environment in which they act. He is consciously concerned with the economy in explanation, that is, with attempting to account for phenomena in terms of a very limited number of facts and postulates. He is concerned also with the central features of party politics in any democratic state, not with that in the United States or any other single country. |
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Page 280
... economists must take into account society's political constitution ; therefore economics and politics must be merged into a unified theory of social action . I. THE INCONSISTENCY OF TRADITIONAL ECONOMIC THEORIES OF GOVERNMENT A. THE ...
... economists must take into account society's political constitution ; therefore economics and politics must be merged into a unified theory of social action . I. THE INCONSISTENCY OF TRADITIONAL ECONOMIC THEORIES OF GOVERNMENT A. THE ...
Page 284
... economists ' advice may very well be as useless as telling a profit - maximizing monopolist to sell his product at marginal cost so as to benefit society . C. WHY ECONOMISTS HAVE IGNORED THIS PROBLEM Most theories in normative economics ...
... economists ' advice may very well be as useless as telling a profit - maximizing monopolist to sell his product at marginal cost so as to benefit society . C. WHY ECONOMISTS HAVE IGNORED THIS PROBLEM Most theories in normative economics ...
Page 286
... economists ' thinking , their attention has been diverted from the need to explain the operation of government as an institu- tion . The third reason why economists have not discussed government's incentive to maximize social welfare is ...
... economists ' thinking , their attention has been diverted from the need to explain the operation of government as an institu- tion . The third reason why economists have not discussed government's incentive to maximize social welfare is ...
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Common terms and phrases
abstain alternatives analysis assume assumption axiom basic benefits cause ceteris paribus citizen X coalition competition conclusion cost of voting decision-making democracy Derived from Chapter discount distribution of voters division of labor economic theory economists effect election period electorate equal ernment exist extremist fact favor free information free market gain goals government action government policy government's groups hence ideologies incumbents indifferent individual influence irrational issue Kenneth Arrow marginal cost marginal equilibrium maximize means ment motives multiparty system oligopoly opposition parties outcome Paretian optimum party differential party's pay-off political information political parties position possible preferences problem Proposition rational citizen rational voter real world reason reëlected return from voting scale selection principles social society strategy tion two-party system uncertainty utility functions utility income V. O. Key views vote-selling voting decision welfare Welfare Economics well-informed zero