Hans-Hermann Hoppe has argued that monarchies take a longer-term view of their national economies and therefore are more likely to pursue more stable and secure economies. That is, among monarchs, the desire to maximize wealth promotes more farsightedness than exists in democratic regimes. Due to the lower time preference of monarchs, they are less likely to succumb to the whims of economic populism.
Hoppe outlines this argument in a 1995 article:
A private government owner will predictably try to maximize his total wealth, i.e., the present value of his estate and his current income…. Accordingly, a private government owner will want to avoid exploiting his subjects so heavily, for instance, as to reduce his future earnings potential to such an extent that the present value of his estate actually falls. Instead, in order to preserve or possibly even enhance the value of his personal property, he will systematically restrain himself in his exploitation policies. For the lowe
Are Monarchies Better for Economic Growth? Here’s What the Empirical Evidence Says.
April 23rd 2021, 1:46 pm
The evidence suggests that monarchies especially small ones are more peaceful, stable, and protective of private property than their republican neighbors
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Hans-Hermann Hoppe has argued that monarchies take a longer-term view of their national economies and therefore are more likely to pursue more stable and secure economies.
That is, among monarchs, the desire to maximize wealth promotes more farsightedness than exists in democratic regimes. Due to the lower time preference of monarchs, they are less likely to succumb to the whims of economic populism.