Markov Perfect Equilibria di§erent from myopic rules because they take into
account the e§ect of current votes on future political decisions.
These issues are more salient and important when current political decisions
a§ect the distribution of political power in the future.
The set of issues that arise here are very similar to those that will be central
when we think about endogenous institutions.
Thus useful to start considering more general dynamic voting models.
Why Worry about the Dynamics of Political Power?
Why does political equilibrium lead to ii ̀ne¢ ci