Partisan Politics, Divided Government, and the Economy

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The book explores the interplay between the American economy and national elections, emphasizing how economic policy emerges from compromises between the President and Congress. It highlights the tendency of middle-of-the-road voters to balance power, leading to moderate policies and often divided government. Key concepts include the rational partisan business cycle and the midterm election cycle, both influenced by uncertainties surrounding presidential elections. Additionally, it examines retrospective voting, coat-tails, and incumbency advantages, with insights applicable to other industrial democracies.