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The New Macro Political Economy of Alberto Alesina

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  • Francesco Forte

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    Abstract

    The paper examines the scientific work of Alberto Alesina as leader of a new school of macroeconomic political economy which has renovated and broadened the content of this branch of the economic science. His political economy is not dominated by the axiomatic normative economics, where benevolent planners maximize the aggregate welfare dressed in simplistic neo-Keynesian clothing. After an examination of its roots in the Italian tradition of political economy and public finance the paper makes a comparison with the public choice approach, with decision-making by the electors and politicians is done. However, Alesina new macro-economic perspective incorporates the hypothesis of rational agents while the public choice approach is inherently micro economic and is generally based on limited rationally. Copyright International Atlantic Economic Society 2012

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    Bibliographic Info

    Article provided by International Atlantic Economic Society in its journal Atlantic Economic Journal.

    Volume (Year): 40 (2012)
    Issue (Month): 4 (December)
    Pages: 417-428

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    Handle: RePEc:kap:atlecj:v:40:y:2012:i:4:p:417-428

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    Keywords: Alesina; New political economy; Public choice;

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    1. Alberto Alesina & Guido Cozzi & Noemi Mantovan, 2009. "The evolution of ideology, fairness and redistribution," Working Papers 2009_29, Business School - Economics, University of Glasgow.
    2. Philippe Aghion & Alberto Alesina & Francesco Trebbi, 2004. "Endogenous Political Institutions," The Quarterly Journal of Economics, MIT Press, vol. 119(2), pages 565-611, May.
    3. Alesina, Alberto & Perotti, Roberto, 1996. "Fiscal Discipline and the Budget Process," American Economic Review, American Economic Association, vol. 86(2), pages 401-07, May.
    4. Alberto Alesina & George-Marios Angeletos, 2004. "Fairness and Redistribution," NajEcon Working Paper Reviews 122247000000000306, www.najecon.org.
    5. Andrew Hughes Hallett, 2012. "Alberto Alesina: The Science of Using Political Economy Concepts to Explain the Macroeconomic Landscape," Atlantic Economic Journal, International Atlantic Economic Society, vol. 40(4), pages 351-365, December.
    6. Lindbeck, Assar, 1976. "Stabilization Policy in Open Economies with Endogenous Politicians," American Economic Review, American Economic Association, vol. 66(2), pages 1-19, May.
    7. Carlo Bollino & Silvia Micheli, 2012. "On the Relative Optimality of Environmental Policy Instruments: An Application of the Work of Alberto Alesina," Atlantic Economic Journal, International Atlantic Economic Society, vol. 40(4), pages 385-399, December.
    8. Alesina, Alberto, 1987. "Macroeconomic Policy in a Two-Party System as a Repeated Game," The Quarterly Journal of Economics, MIT Press, vol. 102(3), pages 651-78, August.
    9. Alberto F. Alesina & Francesco Passarelli, 2010. "Regulation Versus Taxation," NBER Working Papers 16413, National Bureau of Economic Research, Inc.
    10. Bruno S. Frey, 2008. "Happiness: A Revolution in Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262062771, December.
    11. Alesina, Alberto & Tabellini, Guido, 1988. "Credibility and politics," European Economic Review, Elsevier, vol. 32(2-3), pages 542-550, March.
    12. Alberto Alesina & Roberto Perotti, 1995. "The Political Economy of Budget Deficits," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 1-31, March.
    13. Alberto F. Alesina & Silvia Ardagna, 2009. "Large Changes in Fiscal Policy: Taxes Versus Spending," NBER Working Papers 15438, National Bureau of Economic Research, Inc.
    14. Alberto Alesina & Roberto Perotti, 1997. "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects," IMF Staff Papers, Palgrave Macmillan, vol. 44(2), pages 210-248, June.
    15. Alberto Alesina & Roberto Perotti, 1996. "Budget Deficits and Budget Institutions," IMF Working Papers 96/52, International Monetary Fund.
    16. Hibbs, Douglas Jr., 1992. "Partisan theory after fifteen years," European Journal of Political Economy, Elsevier, vol. 8(3), pages 361-373, October.
    17. Alesina, Alberto, 1988. "Credibility and Policy Convergence in a Two-Party System with Rational Voters," American Economic Review, American Economic Association, vol. 78(4), pages 796-805, September.
    18. Alesina, Alberto, 1987. "Macroeconomic Policy in a Two-party System as a Repeated Game," Scholarly Articles 4552531, Harvard University Department of Economics.
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