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https://ssrn.com/abstract=869124
 
 

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Liberalism, Socialism, and Robust Political Economy


Peter J. Boettke


George Mason University - Department of Economics

Peter T. Leeson


George Mason University - Department of Economics


Journal of Markets and Morality, Vol. 7, No. 1, pp. 99-111, Spring 2004

Abstract:     
Robust political economy requires that both the assumptions of agent benevolence and omniscience be relaxed so that both incentive issues and knowledge problems can be adequately addressed. In this article we seek to (1) develop an understanding of the application of robustness in areas outside of political economy and use this understanding to further our appreciation of the nature of robustness in political economics, (2) explore the robustness of liberalism by considering how it performs under both worst-case motivation conditions and worst-case information conditions in the context of the arguments advanced by the classical economists and Friedrich von Hayek, and (3) explore the fragility of socialism under both best-case incentive conditions and best-case information conditions in the context of the arguments advanced by Ludwig von Mises and Friedrich von Hayek.

Number of Pages in PDF File: 13

Keywords: Robust, Political Economy, Austrian Economics, Classical Liberalism, Hayek, Mises

JEL Classification: B53


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Date posted: December 14, 2005 ; Last revised: February 27, 2012

Suggested Citation

Boettke, Peter J. and Leeson, Peter T., Liberalism, Socialism, and Robust Political Economy. Journal of Markets and Morality, Vol. 7, No. 1, pp. 99-111, Spring 2004. Available at SSRN: https://ssrn.com/abstract=869124

Contact Information

Peter J. Boettke (Contact Author)
George Mason University - Department of Economics ( email )
4400 University Drive
Fairfax, VA 22030
United States
703-993-1149 (Phone)
703-993-1133 (Fax)
Peter T. Leeson
George Mason University - Department of Economics ( email )
4400 University Drive
Fairfax, VA 22030
United States
HOME PAGE: http://www.peterleeson.com
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