The Economics of Influence
The economics profession has fallen into the habit of telling a limited "economics of control" policy story in their teaching of economics. While it is a useful story, it leaves out important elements of policy. This paper briefly analyzes the history of the profession's current policy story, and argues that a newly developed complexity theory offers a richer policy narrative. It is a policy story in which the government and market coevolve, and the role of government policy is to positively influence that evolution, not to control the system. The paper concludes with a discussion of some implications that the acceptance of an economics-of-influence approach to policy would have for the story economists tell about policy.
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