Political competition in a model of economic growth: Some theoretical results |
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| Authors: | Richard T. Boylan John Ledyard Richard D. McKelvey |
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| Affiliation: | (1) Olin School of Business, Washington University, One Brookings Drive, 63130 St. Louis, MO, USA;(2) Division of Humanities and Social Sciences, California Institute of Technology, 91125 Pasadena, CA, USA |
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| Abstract: | Summary We analyze the role of political competition on the type of economic policies that are selected in a one sector model of economic growth. We identify conditions under which neoclassical optimal growth plans occur, and conditions in which political business cycles occur. We find that the ability commit to multiperiod economic policy leads to less political stability of economic plans.Support for this research was provided in part by NSF grant #SES-9022932 to the California Institute of Technology. We are grateful to a referee for pointing out that our results could be extended to supra majority rules, as in Proposition 1. |
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