It’s an Election, Not a Revolution

NY Times ^ | 17 Feb 2008 | Tyler Cowen

[oblomov]

IT has become common wisdom that the battle for the presidency is all about the economy. Voters are being told that the country’s economic health depends on pulling the right lever in the polling booth.

This election is certainly important. But based on the historical record, it isn’t likely to result in a major swing in economic policy. Fundamentally, democracy is not a finely tuned mechanism that can be used to direct economic policy as a lever might lift a pulley. The connection between what voters want, or think they want, and what ultimately happens in the economy, is far less direct.

Voters may be concerned about the economy, but there is little evidence that the electorate, as a whole, really wants to engage in close consideration of economics. The current campaign season is a case in point.

On the Democratic side, Senators Hillary Rodham Clinton and Barack Obama arguably represent the best thinking in their party. Yet voters seem to be making their judgment on the basis of image and style, not substance. Mrs. Clinton has won some state primaries by pulling in votes from Latinos, Asians and single women, while Mr. Obama does better among well-educated voters, the young and African-Americans. Former Senator John Edwards, perhaps the biggest “policy wonk” among the original Democratic candidates, never generated much voter support. He was often viewed as the guy with the $400 haircut, rather than as a leading advocate of the redistribution of economic wealth. If we look at opinion polls and actual voting patterns, the Democratic electorate has not been giving very definite economic instructions or making very specific demands.

[oblomov]

The administrative and regulatory apparatus in the Executive branch, not the President directly, has enormous impact on the economy. How can I "get back to work" when the choices are Fabian Socialism and Social Democracy-Lite? I'm too busy trying to find a safe offshore bank.

[DuncanWaring]

It’s an Election, Not a Revolution

So far, anyway.

[DuncanWaring]

Tyler Cowen is a professor of economics at George Mason University.

It would appear this guy works for Dr. Walter E. Williams.

[M Kehoe]

It’s an Election, Not a Revolution

Maybe Thomas Jefferson was a few years off, but methinks his prediction will come true again.

5.56mm

[wastedyears]

***It’s an Election, Not a Revolution

So far, anyway.**

Ditto

[therut]

However the Supreme Court is important in what kind of culture we and our children will live and the President does matter in that war of ideas .....very much.

[oblomov]

Yes, or works with him.

He also has his own libertarian-ish blog:

http://www.marginalrevolution.com/

[DuncanWaring]

It’s my understanding the good Doctor Williams is the chairman of the Econ dept at GMU. ;-)

[EQAndyBuzz]

It had to be a coincidence that the economy was getting worse just as Iraq was getting better.

[ronnie raygun]

Again we are asleep at the wheel. Its a revolution not an election if you think like a Liberal.

[ripley]

“it’s an election, not a revolution.”

prairie pancakes.

if the rhetoric sounds like revolution, it is revolution.

these idiots sound like il duce making a speech to the crowds.