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• W200798594 abstract "Donald Wittman's book entitled The Myth of Democratic Failure: Why Political Institutions are Efficient attempts to provide efficiency explanations for many government institutions and rules. Just as economists all too often invoke the phrase monopoly power when explaining pricing strategies that we do not understand, many also claim that government programs are inefficient without seriously asking what the programs produce. As difficult as it might be to admit, smart people exist in many areas outside of academia, and possibly they are not academics simply because their opportunity costs are too high. Yet, not only are many of these individuals likely to be smarter than academics, they have also been at their jobs much longer and much more seriously (their money and reputations are on the line to get things right. Rational designs may also even arise in the absence of purposeful designs (Alchian, 1950). Institutions, as well as individuals, face competition. Let me provide three examples of my own from law and economics to illustrate this point." @default.
• W200798594 created "2016-06-24" @default.
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• W200798594 date "1997-01-01" @default.
• W200798594 modified "2023-09-24" @default.
• W200798594 title "Donald Wittman's The myth of democratic failure" @default.
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