The Legislator as Political Entrepreneur: Investment in Political Capital

Edward Lopez

The Review of Austrian Economics, 2002, vol. 15, issue 2-3, 28 pages

Abstract: This paper applies the standard Austrian theory of capital investment to the standard interest group model of legislator behavior. Distinguishing between reputational capital and representative capital as interdependent forms of political capital, I argue that legislator behavior (specifically roll call voting) can be explained as entrepreneurial investment in political capital under uncertainty. I discuss several examples in which this approach can potentially add predictive power regarding legislative voting. Copyright 2002 by Kluwer Academic Publishers

Date: 2002
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