An Economic Theory of Democracy

Anthony Downs (1930-2021) was a leading economic theorist, academic, and advisory consultant active in the second half of the 20th century. He was a prolific scholar, publishing 24 books and more than 500 academic papers, applying economic theory to numerous social topics in public policy, focusing on attempts to find new solutions and approaches to the functions of the modern state and society.

Downs was born into a middle-class, professional family and grew up in the Park Ridge suburb of Chicago. Downs studied for a BA in International Relations in at Carleton College, graduating in 1952. He went on to take his Masters and PhD in Economics from the Graduate School of Business in Stanford. While a student, he was elected president of the student body, an experience which he cited as an influence on his interest in democratic behavior and function. Downs went on to work as an economic consultant for numerous corporations and public institutions, including the RAND Corporation, the US Department of Housing and Urban Development, and the White House. He was appointed to multiple government Advisory Committees. His most influential publication is An Economic Theory of Democracy, drawing on his position at the intersection of political and economic theory in the 1950s, and capturing the desire for a new post-war model for democratic behavior.