Limits to Institutional Reforms
AbstractThis essay draws on the theory of (macro)economic policy, as it has evolved, to discuss implicit policy determinism in the new economics of institutions. The extension of rational-choice methods to new levels of analysis, such as micropolitics, macropolitics, political macroeconomics, and microfoundations of cooperation, has apparently reduced the policy choice set and diminished the role of experts. All outcomes reflect constrained maximization by rational agents. The essay argues, however, that scarcity of knowledge leads to incomplete and variable policy models and that competition among policy models creates a role for experts in social change. Copyright 1998 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.
Volume (Year): 100 (1998)
Issue (Month): 1 (March)
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
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- Petrick, Martin, 2006. "How to Make Institutional Economics Policy-Relevant: Theoretical Considerations and an Application to Rural Credit Markets in Developing Countries," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25702, International Association of Agricultural Economists.
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- Petrick, Martin, 2008. "Theoretical and methodological topics in the institutional economics of European agriculture. With applications to farm organisation and rural credit arrangements," Studies on the Agricultural and Food Sector in Central and Eastern Europe, Leibniz Institute of Agricultural Development in Central and Eastern Europe (IAMO), volume 45, number 92318.
- Maria Rosaria Garofalo & Maria Rosaria Supino, 2002. "Il Disegno Normativo del Welfare Municipale in Italia come Strumento per lo Sviluppo Economico e l'Allargamento delle Opportunita Occupazionali. Una Lettura Neoistituzionale della L. 328/00," CELPE Discussion Papers 67, CELPE - Centre of Labour Economics and Economic Policy, University of Salerno, Italy.
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