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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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References

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  1. Markus Goldstein & Christopher Udry, 2008. "The Profits of Power: Land Rights and Agricultural Investment in Ghana," Journal of Political Economy, University of Chicago Press, vol. 116(6), pages 981-1022, December.
  2. Hoyt Bleakley, 2007. "Disease and Development: Evidence from Hookworm Eradication in the American South," The Quarterly Journal of Economics, MIT Press, vol. 122(1), pages 73-117, 02.
  3. James J. Heckman & Lance Lochner & Christopher Taber, 1998. "Explaining Rising Wage Inequality: Explorations with a Dynamic General Equilibrium Model of Labor Earnings with Heterogeneous Agents," NBER Working Papers 6384, National Bureau of Economic Research, Inc.
  4. Frederico Finan & Claudio Ferraz, 2009. "Motivating Politicians: The Impacts of Monetary Incentives on Quality and Performance," Working Papers id:1889, eSocialSciences.
  5. Joshua D. Angrist, 1995. "The Economic Returns to Schooling in the West Bank and Gaza Strip," Working papers 95-5, Massachusetts Institute of Technology (MIT), Department of Economics.
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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
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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Cited by:
  1. Tessa Bold & Jakob Svensson, 2013. "Policies and Institutions for Effective Service Delivery: The Need of a Microeconomic and Micropolitical Approach," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 22(suppl_2), pages -ii38, August.
  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. Selaya, Pablo & Sunesen, Eva Rytter, 2012. "Does Foreign Aid Increase Foreign Direct Investment?," World Development, Elsevier, vol. 40(11), pages 2155-2176.
  4. Chung Tran & Juergen Jung, 2007. "The Extension of Social Security Coverage in Developing Countries," Caepr Working Papers 2007-026, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
  5. Miguel Szekely, 2011. "Toward Results-Based Social Policy Design and Implementation - Working Paper 249," Working Papers 249, Center for Global Development.
  6. 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.
  7. Povilas Lastauskas, 2013. "Europe’s Revolving Doors: Import Competition and Endogenous Firm Entry InstitutionS," Cambridge Working Papers in Economics 1360, Faculty of Economics, University of Cambridge.
  8. Mobarak, Ahmed Mushfiq & Rosenzweig, Mark, 2014. "Risk, Insurance and Wages in General Equilibrium," CEPR Discussion Papers 9797, C.E.P.R. Discussion Papers.
  9. Mario Holzner, 2013. "Inequality and the Crisis: A Causal Inference Analysis," wiiw Balkan Observatory Working Papers 110, The Vienna Institute for International Economic Studies, wiiw.

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