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  4. May 2020
  5. The Political Limits of Economics

The Political Limits of Economics

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Abstract

We economists do not apply economic tools to analyze our own discipline. If we were to do so, we would discover that we have self-motivated explanations for why political systems fail, explanations that entitle us to impose our views on elected representatives. We would also discover that we have preferences not aligned with the rest of the population, we can be captured, and we suffer of groupthink. I propose some remedies our profession can adopt to reduce these problems, including becoming less clubbish and more inclusive.

Citation

Zingales, Luigi. 2020. "The Political Limits of Economics." AEA Papers and Proceedings, 110: 378-82. DOI: 10.1257/pandp.20201002

Additional Materials

JEL Classification

  • A11 Role of Economics; Role of Economists; Market for Economists
  • D72 Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
  • A11 Role of Economics; Role of Economists; Market for Economists
  • D72 Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior