Robust Institutions: The Logic of Levy?

Andrew Farrant ()

The Review of Austrian Economics, 2004, vol. 17, issue 4, 447-451

Abstract: Levy (2002) argues that J. M. Buchanan's worst-case philosophy of constitutional political economy and J. W. Tukey's worst-case philosophy of mathematical statistics are analogous. Levy's analogy, however, is problematic. Institutions are only contingently robust. Worst-case political economy is simply best-case thinking in another guise.

Date: 2004
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