In this book, Hoppe argues that democracy is not an improvement over monarchy. Politicians in a democracy have a very high time preference (they value immediate gratification) because they have to please their constituents in the short span of a term in order to get re-elected. Thus, democracy is short-sighted and favors short-term gains over long-term losses. Monarchy, on the other hand, is the opposite. Monarchs have low time preference for three reasons: (1) their reign lasts for a lifetime (2) they will pass their kingdom on to their heirs, and (3) they have total ownership of their kingdom. Hence, monarchs have a greater incentive to maintain their society over time.
Of course, Hoppe would rather have neither system, but it is food for thought.
Against the Haters: The Brilliance of Hans-Hermann Hoppe
See also The History & Mystery of Money & Economics-250 Books on DVDrom
Visit my Econ blog at http://fredericbastiat1850.blogspot.com/
For a list of all of my disks and ebooks (PDF and Amazon) click here
Visit my Econ blog at http://fredericbastiat1850.blogspot.com/
For a list of all of my disks and ebooks (PDF and Amazon) click here
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