 Will Democracy Engender Equality?Chapter 18 in Institutions, Equilibria and Efficiency, 2006, pp 331-349 from Springer Abstract: Summary Many suppose that democracy is an ethos which requires, inter alia, a degree of economic equality among citizens. In contrast, we conceive of democracy as ruthless electoral competition between groups of citizens with different interests, who are organized into parties. We inquire whether such competition, which we assume to be concerned with distributive matters, will engender economic equality in the long run. Society is modeled as OLG, and each generation competes politically over educational finance and tax policy; the policy space is infinite dimensional. A political equilibrium concept is proposed which determines the membership of two parties endogenously, and their proposed policies in political competition. One party wins the election (stochastically). This process determines the evolution of the distribution of human capital. We show that, whether the limit distribution of human capital is an equal one depends upon the nature of intra-party bargaining and the degree of inequality in the original distribution. Keywords: Political equilibrium; Human capital; Educational finance; Inequality (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:steccp:978-3-540-28161-0_18 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Studies in Economic Theory from Springer |
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