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Madmen, Intellectuals, and Academic Scribblers: The Economic Engine of Political Change
Does major political reform require a crisis ? When do new ideas emerge in politics? How can one person make a difference?
In how and when does political change happen? Madmen, Intellectuals, and Academic Scribblers tackles these big questions, arguing that ideas and entrepreneurship are the key ingredients in any episode of political change. Authors Wayne A. Leighton and Edward J. López begin with the first lesson in economics -- incentives matter -- and artfully explain how the lesson applies throughout political life. Incentives explain why democracies often generate policies that impose net costs on society, and why these inefficient policies persist for years.
Yet beneficial reform does sometimes occur. So Madmen goes beyond incentives to offer a framework in which political change channels its way from ideas in society, through society's shared institutions (i.e., its rules of the game), which then shape incentives. This type of change is seldom easy, because new ideas for shaping the rules of the game must overcome two forces in widely shared beliefs and powerfully vested interests. Yet at certain political moments - perhaps during a crisis, but not always - shared beliefs and vested interests begin to weaken, and the opportunity for reform emerges. Within this framework, Madmen shows why certain inefficient policies eventually get repealed (e.g., airline rate and route regulation), while others endure (e.g., sugar subsidies and tariffs).
Drawing on the history of Western political ideas, both in theory and in practice, Madmen matches up three key ingredients - ideas, rules, and incentives - with the characters who make political "madmen in authority" (such as Franklin Delano Roosevelt and Margaret Thatcher), "intellectuals" (like George Will or Jon Stewart), and "academic scribblers" (in the vein of Friedrich Hayek and John Maynard Keynes).
Political change happens when these characters - called political entrepreneurs - notice areas of weakness in the structure of ideas, rules, and incentives, and then find ways to change the rules of the game in those areas. These entrepreneurs in political change may be philosophers, opinion makers, political leaders, or other types of influencers. What they have in common is an interest in better ideas--ones that improve the human condition--and a vision to change incentives and outcomes.
Madmen helps leaders in business and politics, and opinion-makers everywhere, better understand where the next opportunities are emerging. Students and professors will eat up its history of ideas, from the Ancients Greeks to Adam Smith, and from the Progressives to modern political economy. Using the framework laid out by the authors, readers of all stripes will see how they can be entrepreneurs in promoting effective political change.
In how and when does political change happen? Madmen, Intellectuals, and Academic Scribblers tackles these big questions, arguing that ideas and entrepreneurship are the key ingredients in any episode of political change. Authors Wayne A. Leighton and Edward J. López begin with the first lesson in economics -- incentives matter -- and artfully explain how the lesson applies throughout political life. Incentives explain why democracies often generate policies that impose net costs on society, and why these inefficient policies persist for years.
Yet beneficial reform does sometimes occur. So Madmen goes beyond incentives to offer a framework in which political change channels its way from ideas in society, through society's shared institutions (i.e., its rules of the game), which then shape incentives. This type of change is seldom easy, because new ideas for shaping the rules of the game must overcome two forces in widely shared beliefs and powerfully vested interests. Yet at certain political moments - perhaps during a crisis, but not always - shared beliefs and vested interests begin to weaken, and the opportunity for reform emerges. Within this framework, Madmen shows why certain inefficient policies eventually get repealed (e.g., airline rate and route regulation), while others endure (e.g., sugar subsidies and tariffs).
Drawing on the history of Western political ideas, both in theory and in practice, Madmen matches up three key ingredients - ideas, rules, and incentives - with the characters who make political "madmen in authority" (such as Franklin Delano Roosevelt and Margaret Thatcher), "intellectuals" (like George Will or Jon Stewart), and "academic scribblers" (in the vein of Friedrich Hayek and John Maynard Keynes).
Political change happens when these characters - called political entrepreneurs - notice areas of weakness in the structure of ideas, rules, and incentives, and then find ways to change the rules of the game in those areas. These entrepreneurs in political change may be philosophers, opinion makers, political leaders, or other types of influencers. What they have in common is an interest in better ideas--ones that improve the human condition--and a vision to change incentives and outcomes.
Madmen helps leaders in business and politics, and opinion-makers everywhere, better understand where the next opportunities are emerging. Students and professors will eat up its history of ideas, from the Ancients Greeks to Adam Smith, and from the Progressives to modern political economy. Using the framework laid out by the authors, readers of all stripes will see how they can be entrepreneurs in promoting effective political change.
223 pages, Hardcover
First published November 7, 2012
15 people are currently reading
96 people want to read
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Displaying 1 - 5 of 5 reviews
March 4, 2016
Wow. This book was actually much better than I thought it would be. I now realize that I should have read this book long ago, as it helped me a great deal in understanding how bad ideas get implemented into legislation. Indeed, anyone who has ever asked the question "How did we, as a nation, get ourselves into this horrible situation?" should definitely read this book. Lopez does a very good explaining how ideas, both good and bad, make their way from inception to implementation. It is a fascinating journey and will make you look at the intersection of economics and public policy, in a whole new way.
February 12, 2014
Leighton and Lopez present an interesting interpretation of the dynamic of regulations. Beginning with a clear fast forward history of philosophy they set the ground to present his model. Overall the book builds on Public Choice ideas adding the perspective of the entrepreneur of ideas. Contrary to common belief that ideas change only through crisis and revolutions, Leighton and Lopez explain the role of the Entrepreneur of Ideas. If institutions are sound there is no need to revolutions, just a dynamic that resembles a market of ideas.
The book left me thinking on what was behind the scenes of current policies and regulations, and what new ones are in the making.
The book left me thinking on what was behind the scenes of current policies and regulations, and what new ones are in the making.
February 19, 2015
Great at the beginning. The final chapter falls flat. Good for beginners making their ways into this world. Should be read with Rodrik, D. (2014) - When Ideas Trump Interests: Preferences, Worldviews, and Policy Innovations.
April 24, 2013
take note of p.73 coase and market failures
March 2, 2014
Very readable. Great recap of the history and development of new schools of economic thought, leading to the development of public choice economics.
Displaying 1 - 5 of 5 reviews