Tullock's Challenge: A Reconsideration of Constitutional Monarchy

Procesos de Mercado 11(2) 2014: 51-81

31 Pages Posted: 7 Jul 2014 Last revised: 31 Mar 2015

See all articles by Alexander William Salter

Alexander William Salter

Texas Tech University - Rawls College of Business; American Institute for Economic Research

David J. Hebert

Aquinas College

Date Written: July 6, 2014

Abstract

Tullock (2005, p. 160) notes that the perceived robust relationship between democracy and economic progress is due mostly to assumption, rather than analysis. Taking up Tullock’s challenge to consider the relationship between economic progress and other political forms, we re-assess the relationship between monarchy and economic progress. Our analysis specifically focuses on the possibility of a "monarchical" constitution creating the institutions within which, compared to democracy, a larger social surplus can be enjoyed. After summarizing the existing conversation on monarchy vs. democracy, we outline a constitutional political economy of monarchy and apply it to the European country of Liechtenstein, which has enjoyed both rapid development and non-discriminatory governance under the kind of constitution we envision. We conclude by responding to anticipated objections and proposing further avenues of inquiry on the political economy of monarchy.

Keywords: Constitutional political economy, democracy, efficiency, monarchy, Liechtenstein

JEL Classification: H1, H77, P1

Suggested Citation

Salter, Alexander William and Hebert, David J., Tullock's Challenge: A Reconsideration of Constitutional Monarchy (July 6, 2014). Procesos de Mercado 11(2) 2014: 51-81. Available at SSRN: https://ssrn.com/abstract=2462919 or http://dx.doi.org/10.2139/ssrn.2462919

Alexander William Salter (Contact Author)

Texas Tech University - Rawls College of Business ( email )

Lubbock, TX 79409
United States

HOME PAGE: http://awsalter.com

American Institute for Economic Research

PO Box 1000
Great Barrington, MA 01230
United States

David J. Hebert

Aquinas College ( email )

Nashville, TN
United States

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