Voting over Economic Plans

Richard Boylan () and Richard D McKelvey

American Economic Review, 1995, vol. 85, issue 4, 860-71

Abstract: The authors review and provide motivation for a one-sector model of economic growth in which decisions about capital accumulation are made by a political process. If it is possible to commit for at least three periods into the future, then, for any feasible consumption plan, there is a perturbation that is majority-preferred to it. Furthermore, plans that minimize the maximum vote that can be obtained against them yield a political business cycle. If it is impossible to commit, voters select the optimal consumption plan for the median voter. Copyright 1995 by American Economic Association.

Date: 1995
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