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Dave Hebert
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I think a lot of it can be explained in this paper by Wagner: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1856294 Basically, when government was only making up 5-10% of economic activity, the predictions generated by the theory of a monocentric government devoid of public choice concerns really wasn't that far off from reality,i.e. the theoretical fix that you call for just wasn't worth it. But as government activity expanded over time, the predictions get further and further from reality and unfortunately, theory hasn't kept up.
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Jun 6, 2013