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Macroeconomic Theory$
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Jean-Pascal Benassy

Print publication date: 2011

Print ISBN-13: 9780195387711

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195387711.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 15 January 2021

Political Economy

Political Economy

(p.483) 20 Political Economy
Macroeconomic Theory

Jean-Pascal Bénassy

Oxford University Press

This chapter relates macroeconomics to the political economy. It describes Kenneth Arrow’s “impossibility theorem” regarding voter preferences during elections and explains the theorem’s notion that there is no aggregation procedure which always satisfies a number of natural conditions. It describes the “median voter” model where aggregation is possible, and applies the model to the political economy subject of voting on redistribution. It investigates how adding a random element affects preferences. It also explains how political instability, with regard to the changing of majority, leads to budget deficits.

Keywords:   macroeconomics, political economy, Kenneth Arrow, impossibility theorem, voter preferences, median voter, political instability

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