Jump to ContentJump to Main Navigation
Macroeconomic Theory$
Users without a subscription are not able to see the full content.

Jean-Pascal Benassy

Print publication date: 2011

Print ISBN-13: 9780195387711

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195387711.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 21 January 2020

Political Economy

Political Economy

Chapter:
(p.483) 20 Political Economy
Source:
Macroeconomic Theory
Author(s):

Jean-Pascal Bénassy

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780195387711.003.0020

This chapter relates macroeconomics to the political economy. It describes Kenneth Arrow’s “impossibility theorem” regarding voter preferences during elections and explains the theorem’s notion that there is no aggregation procedure which always satisfies a number of natural conditions. It describes the “median voter” model where aggregation is possible, and applies the model to the political economy subject of voting on redistribution. It investigates how adding a random element affects preferences. It also explains how political instability, with regard to the changing of majority, leads to budget deficits.

Keywords:   macroeconomics, political economy, Kenneth Arrow, impossibility theorem, voter preferences, median voter, political instability

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .