The Political Limits of Economics

We economists do not apply economic tools to analyze our own discipline. If we were to do so, we would discover that we have self-motivated explanations for why political systems fail, explanations that entitle us to impose our views on elected representatives. We would also discover that we have preferences not aligned with the rest of the population, we can be captured, and we suffer of groupthink. I propose some remedies our profession can adopt to reduce these problems, including becoming less clubbish and more inclusive.