煽动者和民主国家的经济脆弱性

IF 10.5 1区 经济学 Q1 ECONOMICS American Economic Review Pub Date : 2022-10-01 DOI:10.1257/aer.20211125
D. Bernhardt, Stefan Krasa, Mehdi Shadmehr
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引用次数: 4

摘要

我们调查了民主国家对煽动家的敏感性,研究了保护选民长期利益的代表和迎合选民短期欲望的煽动家之间的紧张关系。各方提出消费和投资。选民的选择基于当期消费和价格冲击。年轻/贫穷的经济体和经济上处于不利地位的选民被煽动者的撤资政策所吸引,迫使有远见的代表效仿这些政策。这种选举竞争可以摧毁民主:如果资本低于临界水平,随之而来的是死亡螺旋,资本存量随后下降。我们确定了经济发展何时会减轻这种风险,并描述了死亡螺旋风险如何随着资本的增长而下降。(jel d72, e21, e22, e32)
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Demagogues and the Economic Fragility of Democracies
We investigate the susceptibility of democracies to demagogues, studying tensions between representatives who guard voters’ long-run interests and demagogues who cater to voters’ short-run desires. Parties propose consumption and investment. Voters base choices on current-period consumption and valence shocks. Younger/poorer economies and economically disadvantaged voters are attracted to the demagogue’s disinvestment policies, forcing farsighted representatives to mimic them. This electoral competition can destroy democracy: if capital falls below a critical level, a death spiral ensues with capital stocks falling thereafter. We identify when economic development mitigates this risk and characterize how the death-spiral risk declines as capital grows large. (JEL D72, E21, E22, E32)
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来源期刊
CiteScore
18.60
自引率
2.80%
发文量
122
期刊介绍: The American Economic Review (AER) stands as a prestigious general-interest economics journal. Founded in 1911, it holds the distinction of being one of the nation's oldest and most esteemed scholarly journals in economics. With a commitment to academic excellence, the AER releases 12 issues annually, featuring articles that span a wide spectrum of economic topics.
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