The Myth of the Rational Voter: Why Democracies Choose Bad Policies

by Bryan Caplan

When a consumer has mistaken beliefs about what to buy, he foots the bill. When a voter has mistaken beliefs about government policy, the whole population picks up the tab.

Bryan Caplan

Capitalism stands its trial before judges who have the sentence of death in their pockets. They are going to pass it, whatever the defense they may hear; the only success victorious defense can possibly produce is a change in the indictment.

Schumpeter

“the ineradicable prejudice that every action intended to serve the profit interest must be anti-social by this fact alone.”27

Schumpeter