Constitutional choices made by informed incumbents diverge from social optimum
Evidence
What we have in mind is a situation in which those who choose a Constitution are also those who know who will control political oļ¬ce after the Constitution is ratiļ¬ed. In this case, what is optimal for those who choose the Constitution may not be optimal for society as a whole. ā Philippe Aghion, Alberto Alesina, and Francesco Trebbi, Endogenous Political Institutions, 21
Categorization
- XREF: Echoes public-choice and constitutional-economics critiques of veil-of-ignorance reasoning (Buchanan, Tullock).