The limited rationality of democracy: Schumpeter as the founder of irrational choice theory
- 1 June 1995
- journal article
- research article
- Published by Taylor & Francis in Critical Review
- Vol. 9 (3) , 301-324
- https://doi.org/10.1080/08913819508443385
Abstract
Joseph Schumpeter's work has been all too selectively appropriated by public choice theorists. Schumpeter criticized the high level of rationality the classical model of democracy imputes to citizens, and he provided an alternative theory, inspiring rational choice theory and allowing for diverse forms of irrationality. Following in Schumpeter's footsteps I will discuss four problems: the deficient rationality of voters, politicians as “political entrepreneurs,” leadership in democracy and the rise of the “political class,” and the affinity between democracy and capitalism.This publication has 18 references indexed in Scilit:
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