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Rethinking comparative economics

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  • Giovanni B. Ramello

Abstract

This paper reflects on the evolution and current role of what we define as comparative economics, using the experience of the European Journal of Comparative Economics as a vantage point for observing broader disciplinary changes. Originally centered on the comparison between capitalism and socialism, comparative economics has progressively shifted toward the analysis of institutional diversity, methodological pluralism, and systemic uncertainty. Following the collapse of socialism and the subsequent dominance of market-oriented paradigms, comparative analysis was often reduced to the study of transition and convergence. Recent global developments, however, have challenged this perspective, revealing persistent heterogeneity, instability, and non-linear trajectories across economic systems. The paper argues that comparative economics is today more relevant than ever, not as a field defined by specific objects of comparison, but as a methodological approach aimed at interpreting institutional complexity and contextual variation. The analysis underscores the limits of purely classificatory or efficiency-based comparisons and highlights the need for an institution-sensitive, interpretive comparative methodology to understand contemporary economic phenomena.

Suggested Citation

  • Giovanni B. Ramello, 2025. "Rethinking comparative economics," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 22(2), pages 177-190, December.
    • Handle: RePEc:liu:liucej:v:22:y:2025:i:2:p:177-190
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    References listed on IDEAS

    as
    1. Giovanni B. Ramello, 2016. "The past, present and future of comparative law and economics," Chapters, in: Theodore Eisenberg & Giovanni B. Ramello (ed.), Comparative Law and Economics, chapter 1, pages 3-22, Edward Elgar Publishing.
    2. Djankov, Simeon & Melcarne, Alessandro & Ramello, Giovanni B. & Spruk, Rok, 2025. "Timely justice as a determinant of economic growth," Journal of Economic Behavior & Organization, Elsevier, vol. 238(C).
    3. Ángel Martín-Román & Alfonso Moral & Virginia Rosales, 2025. "Judges and court productivity: evidence from Spanish labour courts," European Journal of Law and Economics, Springer, vol. 60(2), pages 249-283, October.
    4. Scott Auriat, 2025. "Collapse and convergence: the economic impact of EU membership and institutional improvements in post-Soviet countries," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 22(1), pages 3-43, June.
    5. Adam Bonica & Nolan McCarty & Keith T. Poole & Howard Rosenthal, 2013. "Why Hasn't Democracy Slowed Rising Inequality?," Journal of Economic Perspectives, American Economic Association, vol. 27(3), pages 103-124, Summer.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • P00 - Political Economy and Comparative Economic Systems - - General - - - General
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
    • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process

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