I just learned that Albert Otto Hirschman, the economist who wrote Exit, Voice and Loyalty, died in December 2012 as I was traveling across Java. Perhaps, this is an opportune time to review Exit, Voice and Loyalty which was published in 1970. I read the book some years back. The idea presented in the book […]

An interesting parallel appears here between economics and exit, on the one hand, and politics and voice, on the other. Just as in economics it had long been thought that the more elastic demand is (that is, the more rapidly exit ensues whenever deterioration occurs) the better for the functioning of the economic system, so […]