Why Rules Matter, and Meta-Rules Matter More
A key argument in Madmen is that in any given society the rules of the game matter; they determine the incentives that shape human behavior. In Chapter 4, Ed and I introduce public choice theory, which pioneered the study of rules in politics. After public choice, no longer would political decisonmakers be viewed as acting according to some ill-defined standard of public interest. Of particular importance are the rules or principles that apply to the rule-making process…
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