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The Vanishing Middle ClassPrejudice and Power in a Dual Economy$
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Peter Temin

Print publication date: 2017

Print ISBN-13: 9780262036160

Published to MIT Press Scholarship Online: January 2018

DOI: 10.7551/mitpress/9780262036160.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 24 October 2021

The Investment Theory of Politics

The Investment Theory of Politics

(p.61) 6 The Investment Theory of Politics
The Vanishing Middle Class

Peter Temin

The MIT Press

The Median Voter Theorem does not explain American elections and policies because of low voter turn-out and high costs of information. The Constitution let states choose voting rules, allowing racial discrimination to be used to limit voting. Lack of information forces voters to choose blindly between complex alternatives. The Investment Theory of Politics is more accurate because it shifts our focus from voters to rich businesses and people who exert influence on voters by political advertising. The amount of money spent on elections determines outcomes more than candidates’ policy positions. The Investment Theory of Politics has become more important since Citizens United and the increase of dark money in politics.

Keywords:   Median Voter Theorem, Investment Theory of Politics, Citizens United, voter turn-out, political ads

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