The polarized American political scene appears to refute the median voter theorem. Joe Rogan once described American politics as a TV show, mocking the radical parties that dominate American legislature. Joe Rogan is irrelevant to this discussion; however, his comment is hilariously true of bipolar American politics. Despite the radical political scene in America, both left-wing and right wing extremists seem to meet in the middle over certain issues in a phenomenon known as the political horseshoe. My question is: can the Median Voter Theorem (MVT) explain the junction of the left and right wing parties?
The MVT requires a one dimensional policy space. Lets assume that the only relevant issue in a political election is the candidates' stance on anti-trust laws, and that all voters exist on a spectrum of weak to strong support for anti-trust laws. Voters are normally distributed, and the median voter distrusts monopolies and would subsequently support legislation to minimize their market power. This is a realistic assumption given YouGov polling data. In this election, there is a far left and a far right wing candidate, and a simple majority vote will determine the election. Since both candidates are vote maximizing, the MVT predicts that far left and the far right politicians will converge on the median voter who supports antitrust laws. In practice we do see strong bipartisan support for antitrust laws. For example, the Sherman Antitrust Act of 1890 received one vote against in the senate passed in the unanimously in the house.
Its important to note the limitations of this application. The biggest limitation is that political stance on antitrust laws is not the only determinate factor in elections. There are many more issues, and several of them violate the one-dimensionality rule, like immigration. In this case, it may merely be a coincidence that the MVT predicts the convergence of two political parties. Bipartisan support over antitrust legislature may result from aligned party values rather than a fight over the median voter. Regardless, it is still an interesting and important analysis because economic policy has massive implications.





