The Economic Study of Politics: Insights and Reflections

Laura Adão Félix (), Francisco Nunes-Pereira (), António Portugal Duarte and Pedro Bação
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Laura Adão Félix: University of Coimbra, CeBER, Faculty of Economics
Francisco Nunes-Pereira: University of Porto, School of Economics and Management and CEF.UP Universidade Portucalense Infante Dom Henrique

Notas Económicas, 2024, issue 58, 116-124

Abstract: Economic and political phenomena coexist in society, but are often seen as divergent spheres of human action and interaction. A theoretical manifestation of this separation is the assumption that while economic agents act in their own self-interest, political agents are motivated by the public interest. Additionally, it is commonly assumed – if only implic-itly – that political agents possess all the necessary knowledge for rational action, effectively portraying political agents as omniscient beings. Drawing on public choice theory and on the economic literature on the nature of knowledge, we review arguments that challenge the two assumptions.

Keywords: Cost push; econometric modeling; Fair model; forecasting; inflation. (search for similar items in EconPapers)
JEL-codes: B53 D72 D83 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:gmf:journl:y:2024:i:58:p:116:124

DOI: 10.14195/2183-203X_58_5

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