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Do Politicians Serve the One Percent? Evidence from OECD Countries

CITYPERC Working Paper Series No. 2013/04

58 Pages Posted: 22 Feb 2013  

Pablo Torija

University of Padua

Date Written: February 1, 2013

Abstract

Present social movements, as “Occupy Wall Street” or the Spanish “Indignados”, claim that politicians work for an economic elite, the 1%, that drives the world economic policies. In this paper we show through econometric analysis that these movements are accurate: politicians in OECD countries maximize the happiness of the economic elite. In 2009 center-right parties maximized the happiness of the 100th-98th richest percentile and center-left parties the 100th-95th richest percentile. The situation has evolved from the seventies when politicians represented, approximately, the median voter.

Keywords: representation, economic elite, political economy, Occupy Wall Street, CITYPERC

JEL Classification: P16

Suggested Citation

Torija, Pablo, Do Politicians Serve the One Percent? Evidence from OECD Countries (February 1, 2013). CITYPERC Working Paper Series No. 2013/04. Available at SSRN: https://ssrn.com/abstract=2219853 or http://dx.doi.org/10.2139/ssrn.2219853

Pablo Torija (Contact Author)

University of Padua ( email )

Via 8 Febbraio 1848, 2
Padova, 35122
Italy

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