The Myth of Democratic Failure: Why Political Institutions Are Efficient

This book refutes one of the cornerstone beliefs of economics and political science: that economic markets are more efficient than the processes and institutions of democratic government.

Wittman first considers the characteristic of efficient markets—informed, rational participants competing for well-defined and easily transferred property rights—and explains how they operate in democratic politics. He then analyzes how specific political institutions are organized to operate efficiently. "...