Economists tend to consider public policies from the perspective of efficiency or equity, but do not always consider their political feasibility. However, legislation cannot take effect without the political support required to pass it, no matter how efficient or equitable it may be. In this episode of EconoFact Chats, host Michael Klein, and Jacob Hacker of Yale University discuss the politics behind the enactment, sustainability, and expandability of economic policies, highlighting how concerns of losing existing benefits can sustain a policy, and how existing policies can foster powerful lobbying groups that influence future legislation.
Note: This podcast was first published on 15th March, 2021. It was recorded on 4th March, 2021.
Stay in the know:
Sign up to get the latest memos, alerts on new podcasts, and analyses from top economists straight to your inbox.