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George Stigler and the Myth of Efficient Government

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Tags Big GovernmentFiscal TheoryPolitical Theory

07/30/2014Thomas J. DiLorenzo

This article argues that while there are a few transparent similarities between politics and markets, the fundamental differences between them render the Stigler-Wittman view that politics is “just another market,” and therefore always “efficient,” dubious at best. Markets are not perfect in any neoclassical sense (nor is anything else on earth, for that matter), and neither is democracy. The Stigler-Wittman view is based on a false view of how both markets and governments operate and also suffers from being ahistorical.

Volume 16, Number 4 (2002)

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DiLorenzo, Thomas J. "George Stigler and the Myth of Efficient Government." Journal of Libertarian Studies 16, No. 4 (2002): 55–73.