Using and Abusing Economic Theory
AbstractEconomic Theory is often abused in practical policy-making. There is frequently excessive focus on sophisticated theory at the expense of elementary theory; too much economic knowledge can sometimes be a dangerous thing. Too little attention is paid to the wider economic context, and to the dangers posed by political pressures. Superficially trivial distinctions between policy proposals may be economically significant, while economically irrelevant distinctions may be politically important. I illustrate with some disastrous government auctions, but also show the value of economic theory.
Download InfoIf 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.
Bibliographic InfoPaper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 2003-W02.
Length: 30 pages
Date of creation: 01 Dec 2002
Date of revision:
Contact details of provider:
Web page: http://www.nuff.ox.ac.uk/economics/
Other versions of this item:
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
- B4 - Schools of Economic Thought and Methodology - - Economic Methodology
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-03-19 (All new papers)
- NEP-HPE-2003-03-19 (History & Philosophy of Economics)
- NEP-MIC-2003-03-25 (Microeconomics)
- NEP-PKE-2003-03-19 (Post Keynesian Economics)
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Derek Clark & Christian Riis, 2008. "Rational benevolence in small committees," Public Choice, Springer, vol. 134(3), pages 139-146, March.
- Noe, Thomas H. & Rebello, Michael & Wang, Jun, 2012. "Learning to bid: The design of auctions under uncertainty and adaptation," Games and Economic Behavior, Elsevier, vol. 74(2), pages 620-636.
- Luciano I. de Castro, 2007. "Affiliation, equilibrium existence and the revenue ranking of auctions," Economics Working Papers we074622, Universidad Carlos III, Departamento de Economía.
- Jacob Goeree & Theo Offerman & Randolph Sloof, 2013.
"Demand reduction and preemptive bidding in multi-unit license auctions,"
Springer, vol. 16(1), pages 52-87, March.
- Jacob Goeree & Theo Offerman & Randolph Sloof, 2004. "Demand Reduction and Preemptive Bidding in Multi-Unit License Auctions," Tinbergen Institute Discussion Papers 04-122/1, Tinbergen Institute.
- Jacob K. Goeree & Theo Offerman & Randolph Sloof, 2009. "Demand reduction and preemptive bidding in multi-unit license auctions," IEW - Working Papers 430, Institute for Empirical Research in Economics - University of Zurich.
- Goeree, Jacob K. & Offerman, Theo & Sloof, Randolph, 2005. "Demand Reduction and Pre-emptive Bidding in Multi-Unit License Auctions," CEPR Discussion Papers 4899, C.E.P.R. Discussion Papers.
- Klemperer, Paul, 2002.
"Some Observations on the British and German 3G Telecom Auctions,"
CEPR Discussion Papers
3605, C.E.P.R. Discussion Papers.
- Paul Klemperer, 2002. "Some Observations on the British and German 3G Telecom Auctions," Economics Papers 2002-W20, Economics Group, Nuffield College, University of Oxford.
- Paul Klemperer, 2002. "Some Observations on the British and German 3G Telecom Auctions," Economics Series Working Papers 2002-W20, University of Oxford, Department of Economics.
- Peter Cramton & Andrzej Skrzypacz & Robert Wilson, 2007. "Revenues in the 700 MHz Spectrum Auction," Papers of Peter Cramton 07rev700, University of Maryland, Department of Economics - Peter Cramton, revised 2007.
- Klemperer, Paul, 2002.
"How (Not) to Run Auctions: The European 3G Telecom Auctions,"
CEPR Discussion Papers
3215, C.E.P.R. Discussion Papers.
- Klemperer, Paul, 2002. "How (not) to run auctions: The European 3G telecom auctions," European Economic Review, Elsevier, vol. 46(4-5), pages 829-845, May.
- Paul Klemperer, 2001. "How (Not) to Run Auctions: The European 3G Telecom Auctions," Economics Series Working Papers 2002-W05, University of Oxford, Department of Economics.
- Paul Klemperer, 2001. "How (Not) to Run Auctions: the European 3G Telecom Auctions," Economics Papers 2002-W5, Economics Group, Nuffield College, University of Oxford, revised 01 Nov 2001.
- Espinosa, Miguel & Forero, German & Villaneda, Felipe, 2011. "The practice of the auction theory: The Colombian case," MPRA Paper 31150, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Maxine Collett).
If references are entirely missing, you can add them using this form.