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Economic Politics: The Costs of Democracy William R. Keech

Economic Politics: The Costs of Democracy

William R. Keech

Published February 24th 1995
ISBN : 9780521467681
Paperback
256 pages
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 About the Book 

This book raises and addresses questions about the consequences of democratic institutions for economic performance. Do institutions of accountability inside and outside government through periodic elections produce desired results? Do they lead toMoreThis book raises and addresses questions about the consequences of democratic institutions for economic performance. Do institutions of accountability inside and outside government through periodic elections produce desired results? Do they lead to manipulation of the economy over an electoral cycle, or to the pursuit of partisan goals at odds with a general societal interest? Drawing upon concrete and observable experience in the United States and occasional reference to other countries, Professor Keech suggests that there are costs of democratic procedures. But these costs are modest and bearable, and similar to the agency costs incurred whenever a principal delegates authority to an agent. Democracy does not systematically cause inferior macroeconomic policy. This inaccessible synthesis and sharp perspective on a large topical literature will be highly useful for professionals, graduate students, upper-level undergraduates, and interested citizens aiming to understand the relationship between politics and economics.