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Robust Institutions: The Logic of Levy?

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  • Andrew Farrant

Abstract

Levy (2002) argues that J. M. Buchanan's worst-case philosophy of constitutional political economy and J. W. Tukey's worst-case philosophy of mathematical statistics are analogous. Levy's analogy, however, is problematic. Institutions are only contingently robust. Worst-case political economy is simply best-case thinking in another guise.

Suggested Citation

  • Andrew Farrant, 2004. "Robust Institutions: The Logic of Levy?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 17(4), pages 447-451, December.
    • Handle: RePEc:kap:revaec:v:17:y:2004:i:4:p:447-451
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    Cited by:

    1. Edward McPhail & Vlad Tarko, 2017. "The evolution of governance structures in a polycentric system," Chapters, in: Morris Altman (ed.), Handbook of Behavioural Economics and Smart Decision-Making, chapter 16, pages 290-314, Edward Elgar Publishing.
    2. Nick Cowen, 2018. "Robust Against Whom?," Advances in Austrian Economics, in: Austrian Economics: The Next Generation, volume 23, pages 91-111, Emerald Group Publishing Limited.

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