Endogenous Political Institutions

  title={Endogenous Political Institutions},
  author={Philippe Aghion and Alberto Alesina and Francesco Trebbi},
Political institutions influence economic policy, but they are themselves endogenous since they are chosen, in some way, by members of the polity. An important aspect of institutional design is how much society chooses to delegate unchecked power to its leaders. If, once elected, a leader cannot be restrained, society runs the risk of a tyranny of the majority, if not the tyranny of a dictator. If a leader faces too many ex post checks and balances, legislative action is too often blocked. As… CONTINUE READING
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