Sandy Maguire

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Recall that the expected material cost of error for one Crusoe was only $1. If a majority of the individual Crusoes find this price attractive, though, each and every Crusoe loses $1,000. Voting to keep the Fridays out of agriculture sacrifices $1,000,000 in social wealth in order to placate ideological scruples worth as little as $501.
The Myth of the Rational Voter: Why Democracies Choose Bad Policies
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