Opinion: Why the political duopoly is losing market-share | 1RossGittins
If you hadn’t noticed, economic policy and politics are closely entwined. And economic journalism is a just specialty within political journalism. But some parts of economics – agency theory and industrial organisation, for instance – are surprisingly useful in understanding how politics works.
In real life, many markets are characterised by “oligopoly” – they’re dominated by a small number of large firms. Many decades of firms pursuing economies of scale do a lot to explain why we see so many oligopolistic markets.In the sub-discipline of “industrial organisation”, economists seek to explain why oligopolistic markets differ from that basic model of “perfect competition”. They’ve found that the few big firms are not so much competitors as rivals.
This, of course, reduces the choice available to customers. So, does it surprise you that, as the two sides of politics become more similar – as they crowd around the political centre – more people set up fringe parties, and more people vote for them? “So, does it surprise you that, as the two sides of politics become more similar – as they crowd around the political centre – more people set up fringe parties, and more people vote for them?”
The more professional politicians become, the more they focus on advancing in the political game, and less on the things they got into politics to fix. They used to have to guess at what the voters wanted; now the majors spend a fortune on polling and focus groups. They’re more inclined to give the voters what they now know they want, and tell them what they know they want to hear.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fighting focuses on Donbas, but Putin has not given up on Kharkiv – or KyivThe outcome of Russia’s attacks on the Donetsk and Luhansk areas will determine the fate of the rest of Ukraine
Read more »
Fighting focuses on Donbas, but Putin has not given up on Kharkiv – or KyivThe outcome of Russia’s attacks on the Donetsk and Luhansk areas will determine the fate of the rest of Ukraine
Read more »
‘Because I don’t want my children to get shot’: why I left AmericaOpinion: “Because I don’t want my children to get shot in the face.” I’ve uttered these words countless times since I exiled myself from the United States following the 2016 election. It’s the reply I offer when anyone questions why I left the “greatest...
Read more »
‘Because I don’t want my children to get shot’: why I left AmericaAfter the shooting at an elementary school in Texas last week, I am yet again convinced this decision to move my family away from America – where the number one cause of death for children is now guns – was the right one. | OPINION By Cole Haddon
Read more »
Why Scott McLaughlin is revved up for the race of his life“I guess I was a big fish in a small pond in Australia in many ways, which is why I always wanted to come to America,” says one of the most successful racers in the history of Australian motorsport, Scott McLaughlin motorsport
Read more »
No escaping Alcaraz: why teenage sensation could be next big thing | Tumaini CarayolAt only 19, Spain’s Carlos Alcaraz is the world No 6 and his success – coming from an explosive, dynamic game and supreme athleticism – has seen his popularity explode
Read more »