Short thread on the politics of economic policymaking.
How does economics analyze the impact of politics on policymaking?
The most common framework used for this in economic analysis, is the median voter theorem.
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How does economics analyze the impact of politics on policymaking?
The most common framework used for this in economic analysis, is the median voter theorem.
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This framework suggests that a majority rule voting system will select the outcome most preferred by the median voter.
This would imply that an average voter (represented by the median) has the power to determine policy choices.
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This would imply that an average voter (represented by the median) has the power to determine policy choices.
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An alternative framework that has been influenced by political science is elite theory.
This approach suggests that powerful groups like business or political elites determine policy choices.
The average voter doesn't really have a significant role or influence.
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This approach suggests that powerful groups like business or political elites determine policy choices.
The average voter doesn't really have a significant role or influence.
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So, which of these approaches is closer to reality?
As this paper below shows, it is an empirically testable question.
For the American political economy, they find that elites have a more significant role in policymaking, not average citizens.
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cup.org/3it8oEB
As this paper below shows, it is an empirically testable question.
For the American political economy, they find that elites have a more significant role in policymaking, not average citizens.
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cup.org/3it8oEB
In popular discussions, it is quite common to find that differences in frameworks (citizen-based versus elite-based) are sometimes treated as ideological differences.
But ideological differences are sometimes just laziness, differences that can be resolved empirically.
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But ideological differences are sometimes just laziness, differences that can be resolved empirically.
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