Prisching, Manfred. "The Limited Rationality of Democracy: Schumpeter as the Founder of Irrational Choice Theory." Critical Review. Vol. 9, Iss. 3. 1995, 301-324.

Abstract:

Joseph Schumpeter’s work has been all too selectively appropriated by public choice theorists. Schumpeter criticized the high level of rationality the classical model of democracy imputes to citizens, and he provided an alternative theory, inspiring rational choice theory and allowing for diverse forms of irrationality. Following in Schumpeter’s footsteps I will discuss four problems: the deficient rationality of voters, politicians as “political entrepreneurs,” leadership in democracy and the rise of the “political class,” and the affinity between democracy and capitalism.

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Taylor & Francis