The Political Economy of Crisis Management: Surprise, Urgency, and Mistakes in Political Decision Making

Advances in Austrian Economics, Forthcoming

24 Pages Posted: 13 Mar 2006

See all articles by Roger D. Congleton

Roger D. Congleton

West Virginia University - Department of Economics; George Mason University - Center for Study of Public Choice

Abstract

This paper provides an overview of the politics of crisis management using a minor, but significant extension of the core rational choice models of political decision making. The focus of analysis is crisis management within democratic polities, although much of it will also apply to crisis management within private organizations and indeed for personal crises. The analysis has several general implications for the politics of crisis management and for designing routine procedures for crisis management. As demonstrated below, an important and unavoidable property of crisis management is an unusually high propensity for making policy errors. Standing procedures for dealing with crises should be designed with such mistakes in mind.

Keywords: crisis management, ignorance, urgency, politics, public choice

JEL Classification: D70, D80, D79

Suggested Citation

Congleton, Roger D., The Political Economy of Crisis Management: Surprise, Urgency, and Mistakes in Political Decision Making. Advances in Austrian Economics, Forthcoming, Available at SSRN: https://ssrn.com/abstract=888843

Roger D. Congleton (Contact Author)

West Virginia University - Department of Economics ( email )

PO Box 6025
Morgantown, WV 26506
United States

HOME PAGE: http://rdc1.net

George Mason University - Center for Study of Public Choice ( email )

4400 University Drive
Fairfax, VA 22030
United States

HOME PAGE: http://rdc1.net

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