Year: 2024
Type: article
Abstract: Economic and political phenomena coexist in society, but are often seen as divergent spheres of human action and interaction. A theoretical manifestation of this separation is the assumption that while economic agents act in their own self-interest, political agents are motivated by the public interest. Additionally, it is commonly assumed – if only implicitly – that political agents possess all the necessary knowledge for rational action, effectively portraying political agents as omniscient beings. Drawing on public choice theory and on the economic literature on the nature of knowledge, we review arguments that challenge the two assumptions.
Source: Notas Económicas
Authors: Laura Adão Félix, Francisco Nunes Pereira, António Portugal Duarte, Pedro Bação
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4404765886