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Guarding the guardians

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  • Guimaraes, Bernardo
  • Sheedy, Kevin D.

Abstract

Good government requires some restraints on the powerful, but how can those be impose if there is no-one above them? This paper studies the equilibrium allocation of power and resources established by self-interested incumbents under the threat of rebellions from inside and outside the group in power. Commitment to uphold individuals' rights can only be achieved if power is not as concentrated as incumbents would like it to be, ex post. Power sharing endogenously enables incumbents to commit to otherwise time-inconsistent laws by ensuring more people receive rents under the status quo, and thus want to defend it.

Suggested Citation

  • Guimaraes, Bernardo & Sheedy, Kevin D., 2017. "Guarding the guardians," LSE Research Online Documents on Economics 65196, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:65196
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    File URL: http://eprints.lse.ac.uk/65196/
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    References listed on IDEAS

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    1. Verdier, Thierry & Bisin, Alberto, 2017. "On the Joint Evolution of Culture and Institutions," CEPR Discussion Papers 12000, C.E.P.R. Discussion Papers.

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    More about this item

    Keywords

    power sharing; property rights; time inconsistency;
    All these keywords.

    JEL classification:

    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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