Words Worth Noting - November 24, 2021

“An economic model of behaviour that lays any claim at all to predictive power must rely on the uniformity of human nature summarized in Homo economicus, or economic self-interest objectively defined. Such a model has served economists well; the model in all its variations explains much of what we know about the political-governmental sphere of human action in addition to the much more that we know and can explain about human action in market relationships… [and] yields meaningful predictions…”

“Constitutional revolution in Democracy” in Geoffrey Brennan and James M. Buchanan The Reason of Rules: Constitutional Political Economy