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Interest Groups, Referenda, and the Political Process

Interest Groups, Referenda, and the Political Process PDF Author: Klaus W. Zimmermann
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Languages : en
Pages : 0

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Book Description
We argue that the institutionalization of direct democratic elements in a constitution will tend to enhance the efficiency of an economy. In a model of direct democracy it is shown that -- contrary to the political process in a representative democracy -- efficient projects will always be politically accepted and the degree of inefficiency of inefficient projects will be reduced. These effects stem from a more intense competition among small interest groups and the pressure to improve the cost-benefit ratio of a project. Furthermore, "contestable decision markets", that is the co-existence of direct and indirect forms of democracy, will always work in favor of higher efficiency.