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The Economic Study of Politics: Insights and Reflections

Author

Listed:
  • Laura Adão Félix

    (University of Coimbra, CeBER, Faculty of Economics)

  • Francisco Nunes-Pereira

    (University of Porto, School of Economics and Management and CEF.UP Universidade Portucalense Infante Dom Henrique)

  • António Portugal Duarte

    (University of Coimbra, CeBER, Faculty of Economics)

  • Pedro Bação

    (University of Coimbra, CeBER, Faculty of Economic)

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 implic-itly – 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.

Suggested Citation

  • Laura Adão Félix & Francisco Nunes-Pereira & António Portugal Duarte & Pedro Bação, 2024. "The Economic Study of Politics: Insights and Reflections," Notas Económicas, Faculty of Economics, University of Coimbra, issue 58, pages 116-124, December.
    • Handle: RePEc:gmf:journl:y:2024:i:58:p:116:124
    DOI: 10.14195/2183-203X_58_5
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    More about this item

    Keywords

    Cost push; econometric modeling; Fair model; forecasting; inflation.;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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