IDEAS home Printed from https://ideas.repec.org/a/eee/wdevel/v25y1997i8p1187-1203.html
   My bibliography  Save this article

The old theory of economic policy and the new institutionalism

Author

Listed:
  • Eggertsson, Thrainn

Abstract

No abstract is available for this item.

Suggested Citation

  • Eggertsson, Thrainn, 1997. "The old theory of economic policy and the new institutionalism," World Development, Elsevier, vol. 25(8), pages 1187-1203, August.
  • Handle: RePEc:eee:wdevel:v:25:y:1997:i:8:p:1187-1203
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0305-750X(97)00037-5
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Cheung, Steven N S, 1969. "Transaction Costs, Risk Aversion, and the Choice of Contractual Arrangements," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 23-42, April.
    2. North, Douglass C., 1979. "A framework for analyzing the state in economic history," Explorations in Economic History, Elsevier, vol. 16(3), pages 249-259, July.
    3. Martin C. McGuire & Mancur Olson, 1998. "The Economics of Autocracy and Majority Rule: The Invisible Hand and the Use of Force," International Economic Association Series, in: Silvio Borner & Martin Paldam (ed.), The Political Dimension of Economic Growth, chapter 3, pages 38-73, Palgrave Macmillan.
    4. Dewatripont, Mathias & Roland, Gerard, 1995. "The Design of Reform Packages under Uncertainty," American Economic Review, American Economic Association, vol. 85(5), pages 1207-1223, December.
    5. Cosmides, Leda & Tooby, John, 1994. "Better than Rational: Evolutionary Psychology and the Invisible Hand," American Economic Review, American Economic Association, vol. 84(2), pages 327-332, May.
    6. Mancur Olson, 1996. "Distinguished Lecture on Economics in Government: Big Bills Left on the Sidewalk: Why Some Nations Are Rich, and Others Poor," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 3-24, Spring.
    7. Greif, Avner, 1993. "Contract Enforceability and Economic Institutions in Early Trade: the Maghribi Traders' Coalition," American Economic Review, American Economic Association, vol. 83(3), pages 525-548, June.
    8. Arrow, Kenneth J, 1974. "Limited Knowledge and Economic Analysis," American Economic Review, American Economic Association, vol. 64(1), pages 1-10, March.
    9. Hirshleifer, J & Riley, John G, 1979. "The Analytics of Uncertainty and Information-An Expository Survey," Journal of Economic Literature, American Economic Association, vol. 17(4), pages 1375-1421, December.
    10. Walter Hettich & Stanley L. Winer, 1993. "Economic Efficiency, Political Institutions and Policy Analysis," Kyklos, Wiley Blackwell, vol. 46(1), pages 3-25, February.
    11. Hedlund, Stefan & Sundström, Niclas, 1996. "Does Palermo Represent The Future For Moscow?," Journal of Public Policy, Cambridge University Press, vol. 16(2), pages 113-155, May.
    12. repec:bla:scandj:v:97:y:1995:i:4:p:477-94 is not listed on IDEAS
    13. Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-131, March.
    14. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58(3), pages 211-211.
    15. Weingast, Barry R & Marshall, William J, 1988. "The Industrial Organization of Congress; or, Why Legislatures, Like Firms, Are Not Organized as Markets," Journal of Political Economy, University of Chicago Press, vol. 96(1), pages 132-163, February.
    16. Lindbeck, A., 1994. "Welfare State Disincentives with Endogenous Habits and Norms," Papers 589, Stockholm - International Economic Studies.
    17. North, Douglass C, 1994. "Economic Performance through Time," American Economic Review, American Economic Association, vol. 84(3), pages 359-368, June.
    18. Arthur T. Denzau & Douglass C. North, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31, February.
    19. Milton Friedman, 1961. "The Lag in Effect of Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 69(5), pages 447-447.
    20. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    21. Stone, Andrew & Levy, Brian & Paredes, Ricardo, 1992. "Public institutions and private transactions : the legal and regulatory environment for business private transactions in Brazil and Chile," Policy Research Working Paper Series 891, The World Bank.
    22. Cheung, Steven N S, 1975. "Roofs or Stars: The Stated Intents and Actual Effects of a Rents Ordinance," Economic Inquiry, Western Economic Association International, vol. 13(1), pages 1-21, March.
    23. Moe, Terry M, 1990. "Political Institutions: The Neglected Side of the Story," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 6(0), pages 213-253.
    24. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    25. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65(2), pages 135-135.
    26. Heckman, James J, 1992. "Haavelmo and the Birth of Modern Econometrics: A Review of The History of Econometric Ideas," Journal of Economic Literature, American Economic Association, vol. 30(2), pages 876-886, June.
    27. Buchanan, James M, 1987. "The Constitution of Economic Policy," American Economic Review, American Economic Association, vol. 77(3), pages 243-250, June.
    28. David, Paul A., 1994. "Why are institutions the 'carriers of history'?: Path dependence and the evolution of conventions, organizations and institutions," Structural Change and Economic Dynamics, Elsevier, vol. 5(2), pages 205-220, December.
    29. Lucas, Robert E, Jr, 1990. "Supply-Side Economics: An Analytical Review," Oxford Economic Papers, Oxford University Press, vol. 42(2), pages 293-316, April.
    30. Greif, Avner & Milgrom, Paul & Weingast, Barry R, 1994. "Coordination, Commitment, and Enforcement: The Case of the Merchant Guild," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 745-776, August.
    31. Eggertsson,Thrainn, 1990. "Economic Behavior and Institutions," Cambridge Books, Cambridge University Press, number 9780521348911, October.
    32. Olson, Mancur, 1993. "Dictatorship, Democracy, and Development," American Political Science Review, Cambridge University Press, vol. 87(3), pages 567-576, September.
    33. Buchanan, James M, 1975. "A Contractarian Paradigm for Applying Economic Theory," American Economic Review, American Economic Association, vol. 65(2), pages 225-230, May.
    34. Jagdish N. Bhagwati, 1978. "Anatomy of Exchange Control Regimes," NBER Chapters, in: Foreign Trade Regimes and Economic Development: Anatomy and Consequences of Exchange Control Regimes, pages 7-52, National Bureau of Economic Research, Inc.
    35. Jagdish N. Bhagwati, 1978. "Foreign Trade Regimes and Economic Development: Anatomy and Consequences of Exchange Control Regimes," NBER Books, National Bureau of Economic Research, Inc, number bhag78-1.
    36. Peter Murrell, 1995. "The Transition According to Cambridge, Mass," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 164-178, March.
    37. Manfred Streit, 1993. "Cognition, competition, and catallaxy in memory of Friedrich August von Hayek," Constitutional Political Economy, Springer, vol. 4(2), pages 223-262, March.
    38. Anne O. Krueger, 1978. "Foreign Trade Regimes and Economic Development: Liberalization Attempts and Consequences," NBER Books, National Bureau of Economic Research, Inc, number krue78-1.
    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


    Cited by:

    1. Xosé Carlos Arias & Gonzalo Caballero, 2003. "Instituciones, costos de transacción y políticas públicas: un panorama," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 5(8), pages 117-146, January-J.
    2. Monissen, Hans G., 1999. "Knut Wicksell und die moderne Makroökonomik," W.E.P. - Würzburg Economic Papers 10, University of Würzburg, Department of Economics.
    3. Stein Kristiansen, 2003. "Information Asymmetry and Economic Concentration: The case of hens and eggs in eastern Indonesia," Working Papers 03-21, Agricultural and Development Economics Division of the Food and Agriculture Organization of the United Nations (FAO - ESA).
    4. Stein Kristiansen, 2003. "Linkages and Rural Non-Farm Employment Creation: Changing Challenges and Policies in Indonesia," Working Papers 03-22, Agricultural and Development Economics Division of the Food and Agriculture Organization of the United Nations (FAO - ESA).
    5. Hammad Siddiqi, 2011. "A Creative Institutional Response to Twin Problems of Liquidity and Information Gaps in Certain Emerging Markets," International Review of Finance, International Review of Finance Ltd., vol. 11(4), pages 537-552, December.
    6. Tamilina, Larysa & Tamilina, Natalya, 2014. "Institutional Grafting as a Three-Dimensional Phenomenon," MPRA Paper 63171, University Library of Munich, Germany.
    7. Kishtany, Naill & Alemayehu, Seyoum Taffesse, 2009. "Achieving The MDGs – a Note," Ethiopian Journal of Economics, Ethiopian Economics Association, vol. 18(1), pages 116-116, December.
    8. Tamilina, Larysa & Tamilina, Natalya, 2014. "Heterogeneity in Institutional Effects on Economic Growth: Theory and Empirical Evidence," MPRA Paper 63170, University Library of Munich, Germany.
    9. Tamilina, Larysa & Tamilina, Natalya, 2018. "Path Break versus Path Drift: A Comparative Approach to Explain Variations in Institutional Effects on Economic Growth," MPRA Paper 93561, University Library of Munich, Germany.
    10. Tamilina, Larysa & Tamilina, Natalya, 2016. "Post-Communist Transition as a Path Break: Comparing Legal Institutional Effects on Economic Growth between Path-Breaking and Path-Drifting Institutional Reforms," MPRA Paper 75430, University Library of Munich, Germany.
    11. Fernández-González, Raquel & Puime-Guillén, Félix & Panait, Mirela, 2022. "Multilevel governance, PV solar energy, and entrepreneurship: the generation of green hydrogen as a fuel of renewable origin," Utilities Policy, Elsevier, vol. 79(C).
    12. Larysa Tamilina & Natalya Tamilina, 2014. "Heterogeneity in Institutional Effects on Economic Growth: Theory and Empirical Evidence," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 11(2), pages 205-249, December.
    13. Pauline Barrieu & Sinclair Desgagn�, 2009. "Economic policy when models disagree," GRI Working Papers 4, Grantham Research Institute on Climate Change and the Environment.
    14. Pauline Barrieu & Bernard Sinclair-Desgagné, 2009. "Economic Policy when Models Disagree," CIRANO Working Papers 2009s-03, CIRANO.
    15. Dinar, Ariel & Balakrishnan, Trichur K. & Wambia, Joseph, 1998. "Political economy and political risks of institutional reform in the water sector," Policy Research Working Paper Series 1987, The World Bank.
    16. Gonzalo Caballero, 2013. "Effects of Fiscal and Monetary Policy in the Great Recession," Economies, MDPI, vol. 1(2), pages 1-4, September.
    17. Larysa Tamilina & Natalya Tamilina, 2017. "Post-communist Transition as a Path Break: Comparing Legal Institutional Effects on Economic Growth between Path-breaking and Path-drifting Institutional Reforms," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 11(3), pages 315-347, August.
    18. Tamilina, Larysa & Tamilina, Natalya, 2015. "The Impact of Variations in Institutional Grafting Modes on Economic Growth: A Three-Dimensional Approach," MPRA Paper 68648, University Library of Munich, Germany, revised 16 Apr 2015.
    19. Tamilina, Larysa & Tamilina, Natalya, 2012. "When formal institutions fail in fostering economic growth: the case of post-communist countries," MPRA Paper 48352, University Library of Munich, Germany, revised 01 Nov 2012.
    20. Helge Peukert, 2001. "Bridging Old and New Institutional Economics: Gustav Schmoller and Douglass C. North, Seen with Oldinstitutionalists' Eyes," European Journal of Law and Economics, Springer, vol. 11(2), pages 91-130, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Brian C. Albrecht & Joshua R. Hendrickson & Alexander William Salter, 2022. "Evolution, uncertainty, and the asymptotic efficiency of policy," Public Choice, Springer, vol. 192(1), pages 169-188, July.
    2. Harris,Colin & Cai,Meina & Murtazashvili,Ilia & Murtazashvili,Jennifer Brick, 2020. "The Origins and Consequences of Property Rights," Cambridge Books, Cambridge University Press, number 9781108969055, October.
    3. Brousseau, Eric & Garrouste, Pierre & Raynaud, Emmanuel, 2011. "Institutional changes: Alternative theories and consequences for institutional design," Journal of Economic Behavior & Organization, Elsevier, vol. 79(1-2), pages 3-19, June.
    4. Thrainn Eggertsson, 2006. "On the survival of imperfect institutions," Revista de Analisis Economico – Economic Analysis Review, Universidad Alberto Hurtado/School of Economics and Business, vol. 21(2), pages 13-24, December.
    5. Persson, Torsten & Tabellini, Guido, 2002. "Political economics and public finance," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 24, pages 1549-1659, Elsevier.
    6. Timothy Besley & Torsten Persson, 2011. "Pillars of Prosperity: The Political Economics of Development Clusters," Economics Books, Princeton University Press, edition 1, number 9624.
    7. Eduardo Wiesner, 2008. "The Political Economy of Macroeconomic Policy Reform in Latin America," Books, Edward Elgar Publishing, number 12913.
    8. Gonzalo Caballero, 2004. "Instituciones e historia económica: enfoques y teorías institucionales," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 6(10), pages 135-157, January-J.
    9. Alice Nicole Sindzingre, 2007. "Poverty traps: a perspective from development economics," Working Papers hal-04139210, HAL.
    10. Djankov, Simeon & Glaeser, Edward & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2003. "The new comparative economics," Journal of Comparative Economics, Elsevier, vol. 31(4), pages 595-619, December.
    11. Darcy W E Allen, 2020. "When Entrepreneurs Meet:The Collective Governance of New Ideas," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number q0269, August.
    12. Iyanatul Islam, 1992. "Political Economy and East Asian Economic Development," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 6(2), pages 69-101, November.
    13. Dequech, David, 2006. "The new institutional economics and the theory of behaviour under uncertainty," Journal of Economic Behavior & Organization, Elsevier, vol. 59(1), pages 109-131, January.
    14. T. Durant, 2011. "Making executive politics mutually productive and fair," Constitutional Political Economy, Springer, vol. 22(2), pages 141-172, June.
    15. Schluter, Achim, 2007. "Institutional change in the forestry sector--The explanatory potential of New Institutional Economics," Forest Policy and Economics, Elsevier, vol. 9(8), pages 1090-1099, May.
    16. Leeson,Peter T., 2014. "Anarchy Unbound," Cambridge Books, Cambridge University Press, number 9781107025806, October.
    17. Ennio E. Piano, 2019. "State capacity and public choice: a critical survey," Public Choice, Springer, vol. 178(1), pages 289-309, January.
    18. Peter Leeson, 2007. "Efficient anarchy," Public Choice, Springer, vol. 130(1), pages 41-53, January.
    19. Eckardt, Martina, 1999. "The Evolution of the German Tort Law in the 19th Century - An Economic Analysis of the Evolution of Law," Thuenen-Series of Applied Economic Theory 23, University of Rostock, Institute of Economics.
    20. Gigante, Anna Azzurra, 2016. "“Reviewing Path Dependence Theory in Economics: Micro–Foundations of Endogenous Change Processes”," MPRA Paper 75310, University Library of Munich, Germany.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:wdevel:v:25:y:1997:i:8:p:1187-1203. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/worlddev .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.