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Economic Policy in a Liberal Democracy

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Economic Policy in a Liberal Democracy

9781858984018 Edward Elgar Publishing
Richard E. Wagner, Holbert L. Harris Professor of Economics, Department of Economics, George Mason University, US
Publication Date: June 1995 ISBN: 978 1 85898 401 8 Extent: 68 pp
In Economic Policy in a Liberal Democracy, Richard E. Wagner offers an approach to welfare economics and economic policy appropriate for a classically liberal society.

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In Economic Policy in a Liberal Democracy, Richard E. Wagner offers an approach to welfare economics and economic policy appropriate for a classically liberal society.

Professor Wagner explains how welfare economics has been unable to fulfil the aspirations of its advocates because it assumes that the consequences of policy measures are sufficiently knowable to achieve specific and intended outcomes. The standard vision of the corrective state, where the state intervenes to repair economic failures and to achieve beneficial consequences, is revealed to be incoherent because the state lacks the competence to influence economic outcomes.

Once the full complexity of the economy is recognized, policy measures are shown to generate a plethora of unintended consequences. What emerges instead is a focus on policy for creating and maintaining a constitutional framework that maintains and supports the liberal order in which people organise their activities.
Contents
Contents: Preface 1. Intelligence, Fate, and Good Government 2. Welfare Economics, Market Failure, and the Corrective State 3. Divided Knowledge and Limited State Competence 4. Interest Groups and Biased Incentives 5. Form, Substance, and Misfocussed Analytics 6. Law and Legislation: Substitutes or Complements? 7. Fallacy of the Mixed Economy 8. Economic Policy for a Constitution of Liberty Reference Index

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