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Public choice with unequally rational individuals
[working paper]
Corporate Editor
Walter Eucken Institut e.V.
Abstract "As governments lack the rationality-promoting selective pressures of market competition, the standard (unbounded) rationality assumption is less legitimate in Public Choice than in analysis of markets. This paper argues that many Public Choice problems require recognizing that human rationality has... view more
"As governments lack the rationality-promoting selective pressures of market competition, the standard (unbounded) rationality assumption is less legitimate in Public Choice than in analysis of markets. This paper argues that many Public Choice problems require recognizing that human rationality has bounds, that these differ across individuals, and that rationality must therefore be treated as a special scarce resource, tied to individuals and used for deciding on its own uses. This complicates resource-allocation in society, which has to rely on institutionally shaped selection processes. But this also appears to be the only way to produce the long-missing analytical support to the first head of J.S. Mill's criticism of government, of which Public Choice has so far supported only the second." (author's abstract)... view less
Keywords
rationality; government; politics; analysis; market; economy; voting behavior
Classification
National Economy
Political Process, Elections, Political Sociology, Political Culture
Document language
English
Publication Year
2007
City
Freiburg
Page/Pages
23 p.
Series
Freiburger Diskussionspapiere zur Ordnungsökonomik, 07/2
Handle
https://hdl.handle.net/10419/4372
ISSN
1437-1510
Status
Published Version; reviewed
Licence
Deposit Licence - No Redistribution, No Modifications
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