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Escape from Democracy

Author

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  • Levy,David M.
  • Peart,Sandra J.

Abstract

The orthodox view of economic policy holds that public deliberation sets the goals or ends, and then experts select the means to implement these goals. This assumes that experts are no more than trustworthy servants of the public interest. David M. Levy and Sandra J. Peart examine the historical record to consider cases in which experts were trusted with disastrous results, such as eugenics, the regulatory use of security ratings, and central economic planning. This history suggests that experts have not only the public interest but also their own interests to consider. The authors then recover and extend an alternative view of economic policy that subjects experts' proposals to further discussion, resulting in transparency and ensuring that the public obtains the best insights of experts in economics while avoiding pitfalls such as expert bias.

Suggested Citation

  • Levy,David M. & Peart,Sandra J., 2017. "Escape from Democracy," Cambridge Books, Cambridge University Press, number 9781316507131, September.
    • Handle: RePEc:cup:cbooks:9781316507131
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    Cited by:

    1. David M. Levy & Sandra J. Peart, 2021. "William Beveridge’s “mock trial of economists”," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(2), pages 221-252, June.
    2. Nicolas Brisset & Benoît Walraevens, 2021. "From capital to property: History and justice in the work of Thomas Piketty [Du capital à la propriété: Histoire et justice dans le travail de Thomas Piketty]," Post-Print hal-03250042, HAL.
    3. Levy, David M, 2021. "Statistical discrimination when group members are aware of their stereotype: Learning from David Hume and Adam Smith," Journal of Economic Behavior & Organization, Elsevier, vol. 181(C), pages 86-93.
    4. Stefan Kolev, 2020. "Besieged by the left and the right: The order of liberal globalism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(4), pages 521-533, December.
    5. Joshua R. Hendrickson & Alexander William Salter, 2020. "Options To The Realm: A Cost Neutral Proposal To Improve Political Incentives," Contemporary Economic Policy, Western Economic Association International, vol. 38(3), pages 515-529, July.
    6. David M. Levy & Sandra J. Peart, 2017. "Gordon Tullock’s ill-fated appendix: “Flatland Revisited”," Constitutional Political Economy, Springer, vol. 28(1), pages 18-34, March.
    7. Sandra J. Peart, 2020. "On fallibility and perfection: Boettke’s Hayek vs. mainline economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 271-276, March.
    8. Marianne Johnson, 2018. "Rules versus authorities," Public Choice, Springer, vol. 175(3), pages 219-228, June.
    9. Alain Marciano, 2020. "Buchanan, Popular Myths, and the Social Responsibility of Economists," Southern Economic Journal, John Wiley & Sons, vol. 86(4), pages 1613-1629, April.
    10. Peter Boettke, 2019. "Economic policy of a free society," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(2), pages 107-117, June.
    11. Ute Schmiel & Hendrik Sander, 2022. "What are markets? Selected market theories under genuine uncertainty in comparison," Journal of Evolutionary Economics, Springer, vol. 32(1), pages 9-33, January.
    12. Boettke Peter J. & King M. Scott, 2018. "Democracy by Discussion, Not Debate: James Buchanan on Freedom of Inquiry as a Methodological, not Ideological, Necessity," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 69(1), pages 51-62, July.
    13. Andrew Farrant, 2019. "What Should (Knightian) Economists Do? James M. Buchanan's 1980 Visit to Chile," Southern Economic Journal, John Wiley & Sons, vol. 85(3), pages 691-714, January.

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