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Theory, General Equilibrium, and Political Economy in Development Economics

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  • Daron Acemoglu

Abstract

I discuss the role of economic theory in empirical work in development economics with special emphasis on general equilibrium and political economy considerations. I argue that economic theory plays (should play) a central role in formulating models, estimates of which can be used for counterfactual and policy analysis. I discuss why counterfactual analysis based on microdata that ignores general equilibrium and political economy issues may lead to misleading conclusions. I illustrate the main arguments using examples from recent work in development economics and political economy.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.24.3.17
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File URL: http://www.aeaweb.org/jep/app/2403_acemoglu_app.pdf
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 24 (2010)
Issue (Month): 3 (Summer)
Pages: 17-32

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Handle: RePEc:aea:jecper:v:24:y:2010:i:3:p:17-32

Note: DOI: 10.1257/jep.24.3.17
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Theory, General Equilibrium and Political Economy in Development Economics
    by Christian Zimmermann in NEP-DGE blog on 2010-05-13 00:31:06
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Cited by:
  1. Jung, Juergen & Tran, Chung, 2012. "The extension of social security coverage in developing countries," Journal of Development Economics, Elsevier, vol. 99(2), pages 439-458.
  2. Gnidchenko, Andrey, 2011. "Моделирование Технологических И Институциональных Эффектов В Макроэкономическом Прогнозировании
    [Technologica    ," MPRA Paper 35484, University Library of Munich, Germany, revised May 2011.
  3. Olofsgård, Anders, 2012. "The Politics of Aid Effectiveness: Why Better Tools can Make for Worse Outcomes," SITE Working Paper Series 16, Stockholm Institute of Transition Economics, Stockholm School of Economics.
  4. Miguel Szekely, . "Toward Results-Based Social Policy Design and Implementation - Working Paper 249," Working Papers 249, Center for Global Development.

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