Political Entrepreneurs

The Economic Engine of Political Change

Category: Academic Scribblers

Cook Book Authors: Originators or Codifiers of Ideas?

April 9th, 2016 by Edward Lopez

Cook book authors influence how ordinary people cook and think about food. Here is an illustration, from a recent piece in the Charlotte Observer about the variety of ways Southerners make corn bread  (HT: Daniel Green): Toni Tipton Martin’s new book, “The Jemima Code,”  on the history of African-American cookbooks, shows that in the 19th century, books by Malinda Russell and Abby Fisher showed no sugar in the cornbread recipes. By 1912, in “The Kentucky Cookbook” by Mrs. W.T. Hayes, the cornbread called for 1 tablespoon sugar….
Read more»

Guest Blogger Gary McDonnell

June 30th, 2014 by Edward Lopez

Next up as a guest blogger is Gary McDonnell. Gary is an assistant professor of economics at Northern Michigan University whose teaching and research interests include the economics of regulation, antitrust, and public choice. Gary’s dissertation discussed the role of ideas and economics in the deregulation of airlines, trucking, and telecommunications industries. I first met Gary through the Association of Private Enterprise Education , where he presented an excellent paper on 1970s airline deregulation (which is now forthcoming in The Independent Review ). Chapter 6 of Madmen has…
Read more»

Guest Blogger Todd Nesbit

June 20th, 2014 by Edward Lopez

The Political Entrepreneurs Blog is starting a guest blogger series. Our first guest blogger is Todd Nesbit. He is a senior lecturer in economics at Ohio State University. Here is his Google Scholar page . He’s going to cover some interesting angles on being effective competitors in academic and commercial labor markets. He’ll also share some info about using Madmen in the classroom, among other topics. Welcome Todd!

From the Pages of Madmen, Intellectuals, and Academic Scribblers (p.189, ch.7)

The most successful entrepreneurs know what they do well, they know the market and the opportunities within it, and they choose those activities that create the most value. This is true in economic as well as political markets.

From the Pages of Madmen, Intellectuals, and Academic Scribblers (p.178, ch.7)

[W]hen the right elements come together at the right time and place and overwhelm the status quo, it is because special people make it happen. We call them political entrepreneurs.

From the Pages of Madmen, Intellectuals, and Academic Scribblers (p.176. ch.7)

While we started this book with Danny Biasone saving basketball, we end it with Norman Borlaug saving a billion lives. These stories are not that different. Both faced vested interests, which were reinforced by popular beliefs that things should be a certain way—that is, until a better idea came along.

From the Pages of Madmen, Intellectuals, and Academic Scribblers (p.174, ch.6)

Because there was a general belief that homeownership was a good thing, politicians found the public with open arms.... Everybody was winning—except Alfred Marshall, whose supply and demand curves were difficult to see through the haze of excitement at the time, and except Friedrich Hayek, whose competition as a discovery procedure was befuddled... In short, once politicians started getting credit for homeownership rates, the housing market was doomed.

From the Pages of Madmen, Intellectuals, and Academic Scribblers (p.166, ch.6)

Everyone responded rationally to the incentives before them. In short, the rules that guided homeownership changed over time, which in turn changed the incentives of these actors. And bad things happened.

From the Pages of Madmen, Intellectuals, and Academic Scribblers (p.153, ch.6)

They understood the economics. The ideas had already won in ... the regulatory agency itself. All that remained to be overcome were some vested interests and a handful of madmen in authority.

From the Pages of Madmen, Intellectuals, and Academic Scribblers (p.146, ch.6)

If the idea for auctions of spectrum use rights had been part of the public debate since at least 1959, why didn’t the relevant institutions change sooner? What interests stood in the way?

From the Pages of Madmen, Intellectuals, and Academic Scribblers (p.121, ch.5)

When an academic scribbler comes up with a new idea, it has to resonate well with widely shared beliefs, which in turn must overcome the vested interests at the table. Many forces come together to explain political change, even though it may seem like coincidence of time and place.

From the Pages of Madmen, Intellectuals, and Academic Scribblers (p.120, ch.5)

It’s the rules of the political game that deserve our focus, not politicians’ personalities or party affiliations.

From the Pages of Madmen, Intellectuals, and Academic Scribblers (p.119, ch.5)

In short, ideas are a type of higher-order capital in society. Like a society that is poor in capital and therefore produces little consumer value, a society that is poor in ideas and institutions will have bad incentives and therefore few of the desirable outcomes that people want.

©2017 Wayne A Leighton & Edward López • Web Design by Barrel Strength