Principles and politics: Like oil and water |
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Authors: | Randall G Holcombe |
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Institution: | (1) Department of Economics, Florida State University, Tallahassee, FL, USA |
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Abstract: | In a democracy, public policies require majority support to be enacted, so politicians must enlist the support of others to
further their political agendas. Successful politicians are those who can negotiate in the political marketplace to steer
outcomes their way, and to succeed, politicians must be willing to set their principles aside and trade their votes away to
get something better. In contrast with the principled politician whose support cannot be bought, the unprincipled politician’s
support must be bought, so unprincipled politicians accumulate political IOUs that they cash in to advance their agendas.
Democratic politics by design reinforces unprincipled behavior and punishes principled behavior.
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Keywords: | Public choice Political markets Agency theory Democracy Structure Scope Performance of government |
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