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- Title
Make Economics Policy Relevant Depose the Omniscient Benevolent Dictator.
- Authors
Holcombe, Randall G.
- Abstract
The article discusses the use of an economic model that eliminates the omniscient benevolent dictator. One of the planner's problem in an economic analysis is the omniscient benevolent dictator, which is described in the papers of Takashi Negishi who said that the existence of an equilibrium is equivalent to the existence of a maximum point of this special welfare function. Anthony Downs explained that median-voter model produced by representative democracy does not identify and select the best allocation of resources. The author says economists who dream of being involved with the policymaking process is another source of support for the omniscient benevolent dictator.
- Subjects
ECONOMIC models; DICTATORS; ECONOMIC research; NEGISHI, Takashi; DOWNS, Anthony; DEMOCRACY
- Publication
Independent Review, 2012, Vol 17, Issue 2, p165
- ISSN
1086-1653
- Publication type
Article