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<p>I show that <i>Politically Impossible?</i> (1971) is William H. Hutt’s contribution to the field of public choice. <i>Politically Impossible?</i> responds to the pessimism of the proto-public choice work of Schumpeter (1950), who argued that beneficial long-term policy reform is hopeless because short-sighted politicians cater to rent-seeking special interests while the ignorant public does nothing about it. Hutt responded with the Dual Formula—the economist should advocate both gradualist and idealist policies and emphasize why the former is a compromise and what special interests are against the latter. This approach educates the public about special interests and encourages them to support idealist policies. I then describe how Hutt applied the Dual Formula to the economic problems of the 1970s and how the Dual Formula remains relevant in today’s world, as politicians are still beholden to special interests and the public fails to understand the connection.</p>

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Why politicians still do not take economic advice: William H. Hutt on the power of special interests and the importance of economic education

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  • 发表日期：

    2025年7月16日

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  • Patrick Newman

摘要

I show that Politically Impossible? (1971) is William H. Hutt’s contribution to the field of public choice. Politically Impossible? responds to the pessimism of the proto-public choice work of Schumpeter (1950), who argued that beneficial long-term policy reform is hopeless because short-sighted politicians cater to rent-seeking special interests while the ignorant public does nothing about it. Hutt responded with the Dual Formula—the economist should advocate both gradualist and idealist policies and emphasize why the former is a compromise and what special interests are against the latter. This approach educates the public about special interests and encourages them to support idealist policies. I then describe how Hutt applied the Dual Formula to the economic problems of the 1970s and how the Dual Formula remains relevant in today’s world, as politicians are still beholden to special interests and the public fails to understand the connection.