Links for the Week of July 2, 2017
Procrastinating on July 3, 2017

Monday Smackdown: Kevin Hassett Self-Smackdown: I Think the (Extremely and Absurdly Low) Quality of Hassett's Analysis Here Speaks for Itself, Don't You?

Kevin A. Hassett (2007): Does Economic Success Require Democracy? http://www.aei.org/publication/does-economic-success-require-democracy/: "Sadly, no. In fact, the politically unfree countries are enjoying more economic growth than the politically free ones...

...Kenneth Arrow... impossibility theorem.... Dictatorships now understand that they have to provide a good economy to keep citizens happy, and they understand that free-market economies work best.... No voting scheme can be devised that will create a government that has rational preferences.... There is nothing theoretically compelling that suggests that it is the form of government that best reflects the underlying preferences of citizens....

Dictatorships, as in China, appear to have learned from the failure of the Soviets. While they continue to oppress political opponents, they allow a high level of economic freedom within their borders. So far, this approach is working, and in a big way—as the chart illustrates. An organization called Freedom House rates the level of political freedom.... The chart tells a striking story: the countries that are economically and politically free are underperforming the countries that are economically but not politically free. For example, unfree China had a growth rate of 9.5 percent from 2001 to 2005. But China was not the whole story—Malaysia’s GDP grew 9.5 percent from 1991 to 1995, Singapore’s GDP grew 6.4 percent from 1996 to 2000, and Russia’s grew 6.1 percent from 2001 to 2005...

Does Economic Success Require Democracy

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