Majority rules are generally unstable and not binding for future voters, and so are insufficient for the required security of a market economy. In this challenging book, Peter Moser argues that stability can be achieved by democratic political institutions limiting the influence of majorities.

The distinguished authors in this volume address the fundamental causes for such heterogeneous international experiences, placing particular emphasis on the role of institutions. They demonstrate how the study of economic development is increasingly linked to the development of institutions,...

In this far-reaching and insightful monograph, Richard Wagner exposes the failure of the United States constitution to overcome the tyranny of the majority so feared by the Founding Fathers.

At a time when state assistance to the arts sector has come under considerable scrutiny both in Europe and the United States, this book comprehensively examines the evolution of, and rationale for, state involvement with the so-called ‘high’ arts on both continents. It offers an overview of...

The Economics of Budget Deficits provides a comprehensive overview of the scholarly literature exploring the causes and consequences of deficit spending and the public debt. Incorporating classical, Keynesian and public choice analyses of debt-financed public expenditures, the two volumes...

This Handbook provides an overview of interdisciplinary research related to social choice and voting for a non-specialist audience. Expert contributors from various fields present critical interpretations of the existing literature and descriptions of famous theorems and other important results,...

This major reference work is a comprehensive critical guide to the large and growing literature on the economics of defence, disarmament and peace. It covers the cost of defence spending and its effects on growth, investment, unemployment, technical change and other aspects of a nation’s...

Property rights formalize the relationship between individuals and goods. They form the cornerstone of the pricing, supply and efficient allocation of scarce resources between individuals. The Economic Foundations of Property Rights is an outstanding collection of some of the most important work...