Metrics

  • citations in SCIndeks: 0
  • citations in CrossRef:0
  • citations in Google Scholar:[]
  • visits in previous 30 days:2
  • full-text downloads in 30 days:1

Contents

article: 1 from 1  
Politeia
2017, vol. 7, iss. 14, pp. 23-41
Economic and political markets
Prokopijević Miroslav
Institute of European Studies, Belgrade

email: mprokop@sezampro.rs
Keywords: Economic market; political market; Coase's theorem; market failure; state failure
Abstract
This paper deals with the question of whether there is an analogy between the economic and political market. The quest is conducted in three parts. Part one shows that the analogy between the economic and political market holds, as there are many important similarities between the two markets. Part two demonstrates that some vital theorems, which hold on the economic market, do not hold on the political market. This is demonstrated in the case of the Coase's theorem. Finally, part three deals with the market and state failure. After discussion of the topic in the three parts, one may conclude that the analogy between two markets works, but that they function with significant differences. The differences are induced via different definitions of property rights, the character of the output, the system of incentives and the enforcement of contract. In a word, the political market is less perfect than the economic one, but it is a market.
References

Bjukenen, Dž. (2002) Granice slobode. Beograd: Dereta

3

Buchanan, J.M. (1975) The limits of liberty: Between anarchy and Leviathan. Chicago, itd: University of Chicago Press

Coase, R. H. (1994) Essays on Economics and Economists. University of Chicago Press

1

Coase, R.H. (1988) The firm, the market and the law. Chicago/London: The University of Chicago Press

12

Coase, R.H. (1960) The problem of social cost. Journal of Law and Economics, vol. 3, str. 1-44

Friedman, D. (1973) The machinery of freedom. New York: Harper & Row

2

Friedman, M. (1990) Free to choose. N. York i dr: Harcourt brace & Company

Friedman, M. (1992) Money mischief. Episodes in monetary history. San Diego i dr: Harcourt brace & Company

Friedman, M. (1997) Kapitalizam i sloboda. Novi Sad: Global Book

4

Friedman, M. (1996) Sloboda izbora - lični stav. Novi Sad: Global Book

Hazlitt, H. (1998) Ekonomija u jednoj lekciji. Novi Sad: Global Book

Karlsson, M., Troper, M., ur. (1995) Law, justice, and the state. Stuttgart: Steiner

Mitchell, W.C., Simmons, R.T. (1994) Beyond politics: Markets, welfare, and the failure of bureaucracy. San Francisco: Westview Press & Independent Institute

Mueller, D.C. (1990) Public choice II. A revised edition of Public choice. N. York i dr: Cambridge UP

Mueller, D.C., Mueller, D.C. (2009) Public choice in perspective. in: Perspectives on public choice, Cambridge: Cambridge University Press (CUP), str. 1-18

2

Pigou, A.C. (1920) The economics of welfare. London: MacMillan

Prokopijević, M. (1995) Secession: What matters?. in: Troper M., Karlsson M. [ed.] Law, Justice and the State: The nation, the state and democracy, Stuttgart: Franz Steiner Verlag, Volume 2, p. 122-133

Prokopijević, M. (1998) Konstitucionalna ekonomija Evropske Unije. Beograd: Institut za evropske studije & Friedrich Ebert Stiftung

Prokopijević, M. (2001) Političko tržište. Beograd: Cesid

Prokopijević, M. (1998) Constitutional rules during transition. in: European public choice society, 6. konferencija, referat, Göteborg, 1-22

4

Prokopijević, M. (2000) Konstitucionalna ekonomija. Beograd: E Press

Roback, J. (1986) The Political Economy of Segregation: The Case of Segregated Streetcars. Journal of Economic History, 46(04): 893-917

Rothbard, M.N. (1973) For a new liberty. N. York: Macmillan

Rothbard, M.N. (1999) Šta je država uradila našem novcu?. Novi Sad: Global Book

Rowley, C.K., Schneider, F., ur. (2004) The encyclopedia of public choice. Berlin: Springer, tom I, II

Rowley, C.K., Schneider, F., ur. (2010) Readings in public choice and constitutional political economy. Berlin i dr: Springer

Tollison, R.D. (1982) Rent seeking: a survey. Kyklos, 35(4): 575-602

Tullock, G. (1965) The politics of bureaucracy. Washington: Public Affairs Press

Tullock, G. (1967) Toward a mathematics of politics. Ann Arbor: University of Michigan Press

1

Tullock, G. (1992) Organizacija moderne federalne države. Beograd: Institut ekonomskih nauka & Ekonomika

von Hayek, F.A. (1998) Poredak slobode. Novi Sad: Global Book
   

About

article language: Serbian
document type: Review Paper
DOI: 10.5937/politeia0-15963
published in SCIndeks: 01/03/2018
peer review method: double-blind
Creative Commons License 4.0

Related records

Anali Pravnog fak Beograd (2002)
Property rights, the market order and the rule of law in protecting the environment
Šević Željko

Anali Pravnog fak Beograd (2005)
Law, morality and virtue
Peger Koler

Panoeconomicus (2007)
Privatization in economic theory
Drakić Maja

show all [29]