Economists and the State

Economists and the State

What Went Wrong

Timothy P. Roth

Adam Smith is widely regarded as the ‘founder of modern economics’. The author shows, however, that Smith’s procedurally based, consequence-detached political economy, an approach shared by America’s Founders, finds no expression in the economist’s utilitarian, procedurally-detached theory of the state. This ‘wrong turn’ has meant that, if economists are ill-equipped to address an expanding federal enterprise in which utilitarian considerations trump the Smithian/Madisonian idea that means and ends must be morally and constitutionally constrained, they are also ineffectual bystanders as growing institutional skepticism, demands for ‘social justice’ and metastasizing rights claims threaten our self-governing republic.

Copyright

Timothy P. Roth

Subjects: economics and finance, political economy, public choice theory, politics and public policy, political economy, public choice

Extract

JOBNAME: Roth PAGE: 4 SESS: 2 OUTPUT: Wed Apr 2 12:02:47 2014 © Timothy P. Roth 2014 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited The Lypiatts 15 Lansdown Road Cheltenham Glos GL50 2JA UK Edward Elgar Publishing, Inc. William Pratt House 9 Dewey Court Northampton Massachusetts 01060 USA A catalogue record for this book is available from the British Library Library of Congress Control Number: 2013957780 This book is available electronically in the ElgarOnline.com Economics Subject Collection, E-ISBN 978 1 78195 193 4 ISBN 978 1 78195 192 7 Typeset by Columns Design XML Ltd, Reading Printed and bound in Great Britain by T.J. International Ltd, Padstow Columns Design XML Ltd / Job: Roth-Economists_and_the_State / Division: 00-Prelims /Pg. Position: 2 / Date: 25/2