One of the most cherished propositions in economics is that market competition by and large raises consumer welfare …. But whether political competition has similarly virtuous consequences is far less discussed. This paper formulates a model … to explain why political competition may enhance economic performance and uses the United States as a testing ground for …

One of the most cherished propositions in economics is that market competition by and large raises consumer welfare …. But whether political competition has similarly virtuous consequences is far less discussed. This paper formulates a model … to explain why political competition may enhance economic performance and uses the United States as a testing ground for …

One of the most cherished propositions in economics is that market competition by and large raises consumer welfare …. But whether political competition has similarly virtuous consequences is far less discussed. This paper formulates a model … to explain why political competition may enhance economic performance and uses the United States as a testing ground for …