Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
The authors review and provide motivation for a one-sector model of economic growth in which decisions about capital accumulation are made by a political process. If it is possible to commit for at least three periods into the future, then, for any feasible consumption plan, there is a perturbation that is majority-preferred to it. Furthermore, plans that minimize the maximum vote that can be obtained against them yield a political business cycle. If it is impossible to commit, voters select the optimal consumption plan for the median voter. Copyright 1995 by American Economic Association.