Politics as a Peculiar Business
Show Less

Politics as a Peculiar Business

Insights from a Theory of Entangled Political Economy

Richard E. Wagner

Economists typically treat government as something outside the business realm, a sort of “Lord of the Manor”. Richard Wagner argues that this is the wrong approach and can ultimately be destructive to capitalism and to society.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 7: Societal tectonics and the art of the deal

Richard E. Wagner


This chapter explains that collectively organized economic activity is transactional in nature, as those activities are instances of a generalized “art of the deal.” To be sure, transactions assembled with political participation are governed by different institutional arrangements from transactions among private entities. Market transactions are at base reducible to dyadic interactions. In contrast, political transactions are necessarily triadic. This difference in transactional structure generates a continual flow of societal tectonics of varying magnitudes, but which are baked into the cake, so to speak, all the same.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.