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Limits to Institutional Reforms

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  • Thráinn Eggertsson

Abstract

The 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.

Suggested Citation

  • Thráinn Eggertsson, 1998. "Limits to Institutional Reforms," Scandinavian Journal of Economics, Wiley Blackwell, vol. 100(1), pages 335-357, March.
    • Handle: RePEc:bla:scandj:v:100:y:1998:i:1:p:335-357
    DOI: 10.1111/1467-9442.00105
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    Cited by:

    1. 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.
    2. Martin Petrick & Ingo Pies, 2007. "In search for rules that secure gains from cooperation: the heuristic value of social dilemmas for normative institutional economics," European Journal of Law and Economics, Springer, vol. 23(3), pages 251-271, June.
    3. 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 Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 45, number 92318.
    4. Ben-Ner, Avner & Putterman, Louis & Kong, Fanmin & Magan, Dan, 2004. "Reciprocity in a two-part dictator game," Journal of Economic Behavior & Organization, Elsevier, vol. 53(3), pages 333-352, March.
    5. Jennifer Tobin & Susan Rose-Ackerman, 2003. "Foreign Direct Investment and the Business Environment in Developing Countries: the Impact of Bilateral Investment Treaties," William Davidson Institute Working Papers Series 587, William Davidson Institute at the University of Michigan.

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