Advanced Search
MyIDEAS: Login to save this article or follow this journal

Political Economy: Success or Failure?

Contents:

Author Info

  • Bruno S. Frey
  • Lasse Steiner

Abstract

Political Economy and Public Choice have studied the interactions between the economy and the polity for over 60 years now. The present paper endeavours to provide a critical discussion of this literature and its achievements. In particular, it starts with the different approaches based on empirically tested or politometric models, and it then proceeds to discuss different studies of the effects that particular rules of the game have on politico-economic outcomes. The third part will deal with studies that take institutions to be endogenous and aim at ex-plaining why particular institutions emerge. Finally, the question whether political economy has been a success or a failure will be tackled. While the success in terms of the position gained in economic research and teaching is undeniable, a look at one of the most thriving recent areas of economics, namely happiness research, will reveal that fundamental lessons all too often remain disregarded.

(This abstract was borrowed from another version of this item.)

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://ce.vizja.pl/en/download-pdf/id/247
Download Restriction: no

Bibliographic Info

Article provided by University of Finance and Management in Warsaw in its journal Contemporary Economics.

Volume (Year): 6 (2012)
Issue (Month): 3 (September)
Pages:

as in new window
Handle: RePEc:wyz:journl:id:247

Contact details of provider:
Web page: http://www.vizja.pl/
More information through EDIRC

Related research

Keywords:

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Minford, Patrick & Peel, David, 1982. "The political theory of the business cycle," European Economic Review, Elsevier, vol. 17(2), pages 253-270.
  2. Rogoff, Kenneth & Sibert, Anne, 1988. "Elections and Macroeconomic Policy Cycles," Review of Economic Studies, Wiley Blackwell, vol. 55(1), pages 1-16, January.
  3. Bruno S. Frey, . "Happiness Research: State and Prospects," IEW - Working Papers 192, Institute for Empirical Research in Economics - University of Zurich.
  4. Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, vol. 42(2), pages 169-90, April.
  5. Persson, Torsten & Tabellini, Guido, 1999. "The Size and Scope of Government: Comparative Politics With Rational Politicians," CEPR Discussion Papers 2051, C.E.P.R. Discussion Papers.
  6. Sunstein, Cass R. & Thaler, Richard H., 2003. "Libertarian Paternalism Is Not An Oxymoron," Working paper 320, Regulation2point0.
  7. Pommerehne, Werner & Frey, Bruno S., 1975. "Two approaches to estimating public expenditures," Discussion Papers, Series 1 65, University of Konstanz, Department of Economics.
  8. Romer, Thomas & Rosenthal, Howard, 1979. "Bureaucrats versus Voters: On the Political Economy of Resource Allocation by Direct Democracy," The Quarterly Journal of Economics, MIT Press, vol. 93(4), pages 563-87, November.
  9. Bruno S. Frey & Alois Stutzer, . "What can Economists Learn from Happiness Research?," IEW - Working Papers 080, Institute for Empirical Research in Economics - University of Zurich.
  10. Bruno Frey & Alois Stutzer, 2010. "Happiness and public choice," Public Choice, Springer, vol. 144(3), pages 557-573, September.
  11. Enrique G. Mendoza, 1992. "The Effects of Macroeconomic Shocks in a Basic Equilibrium Framework," IMF Staff Papers, Palgrave Macmillan, vol. 39(4), pages 855-889, December.
  12. Van Praag, Bernard M. S. & Kapteyn, Arie, 1973. "Further evidence on the individual welfare function of income: An empirical investigatiion in The Netherlands," European Economic Review, Elsevier, vol. 4(1), pages 33-62, April.
  13. Frey, Bruno S. & Schneider, Friedrich, 1981. "Central bank behavior : A positive empirical analysis," Journal of Monetary Economics, Elsevier, vol. 7(3), pages 291-315.
  14. Allan D. Brunner, 2003. "The Long-Run Effects of Tradeon Income and Income Growth," IMF Working Papers 03/37, International Monetary Fund.
  15. Ed Diener, 2006. "Guidelines for National Indicators of Subjective Well-Being and Ill-Being," Journal of Happiness Studies, Springer, vol. 7(4), pages 397-404, November.
  16. Douglas Hibbs, 2000. "Bread and Peace Voting in U.S. Presidential Elections," Public Choice, Springer, vol. 104(1), pages 149-180, July.
  17. Paldam, Martin, 1979. " Is There an Election Cycle? A Comparative Study of National Accounts," Scandinavian Journal of Economics, Wiley Blackwell, vol. 81(2), pages 323-42.
  18. Dolan, Paul & Peasgood, Tessa & White, Mathew, 2008. "Do we really know what makes us happy A review of the economic literature on the factors associated with subjective well-being," Journal of Economic Psychology, Elsevier, vol. 29(1), pages 94-122, February.
  19. Elinor Ostrom, 2012. "Coevolving Relationships between Political Science and Economics," Rationality, Markets and Morals, Frankfurt School Verlag, Frankfurt School of Finance & Management, vol. 3(54), May.
  20. Pommerehne, Werner W., 1978. "Institutional approaches to public expenditure : Empirical evidence from Swiss municipalities," Journal of Public Economics, Elsevier, vol. 9(2), pages 255-280, April.
  21. Hibbs, Douglas Jr., 1992. "Partisan theory after fifteen years," European Journal of Political Economy, Elsevier, vol. 8(3), pages 361-373, October.
  22. Daron Acemoglu & Simon Johnson & James A. Robinson, 2000. "The Colonial Origins of Comparative Development: An Empirical Investigation," NBER Working Papers 7771, National Bureau of Economic Research, Inc.
  23. Thomas Romer & Howard Rosenthal, 1978. "Political resource allocation, controlled agendas, and the status quo," Public Choice, Springer, vol. 33(4), pages 27-43, December.
  24. Daniel Kahneman & Alan B. Krueger & David Schkade & Norbert Schwarz & Arthur Stone, 2004. "Toward National Well-Being Accounts," American Economic Review, American Economic Association, vol. 94(2), pages 429-434, May.
  25. Romer, Thomas & Rosenthal, Howard, 1982. "Median Voters or Budget Maximizers: Evidence from School Expenditure Referenda," Economic Inquiry, Western Economic Association International, vol. 20(4), pages 556-78, October.
  26. Douglas A. Hibbs, 1994. "The Partisan Model Of Macroeconomic Cycles: More Theory And Evidence For The United States," Economics and Politics, Wiley Blackwell, vol. 6(1), pages 1-23, 03.
  27. Allen C. Head, 1995. "Country Size, Aggregate Fluctuations, and International Risk Sharing," Canadian Journal of Economics, Canadian Economics Association, vol. 28(4b), pages 1096-1119, November.
  28. Rogoff, Kenneth, 1990. "Equilibrium Political Budget Cycles," American Economic Review, American Economic Association, vol. 80(1), pages 21-36, March.
  29. Dennis Mueller, 2007. "Torsten Persson and Guido Tabellini, The Economic Effects of Constitutions," Constitutional Political Economy, Springer, vol. 18(1), pages 63-68, March.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Lenka Slavikova, 2013. "From Cost-Benefit to Institutional Analysis in The Economics of the Environment," Contemporary Economics, University of Finance and Management in Warsaw, vol. 7(2), June.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:wyz:journl:id:247. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marcin Staniewski).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.