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THE ECONOMIC CONSEQUENCES OF POLITICAL PHILOSOPHY
Author(s) -
HOROWITZ STANLEY A.
Publication year - 1976
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1111/j.1465-7295.1976.tb00380.x
Subject(s) - unemployment , economics , politics , incentive , classical liberalism , government (linguistics) , labour economics , political economy , liberalism , market economy , political science , macroeconomics , linguistics , philosophy , law
Workers' incentives to seek employment and remain employed are affected by a number of government policies. The policies themselves are in turn influenced by the political beliefs of the electorate about what working conditions and incomes should be. Using a simultaneous equations model of political climate and labor market conditions, this study shows that political liberalism may lead to decreased labor force participation and higher unemployment, particularly for women.