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Transforming Research Results into Policy Advice: Political Economy Perspective

Author

Listed:
  • Afontsev, S.

    (Primakov National Research Institute of World Economy and International Relations
    Lomonosov Moscow State University, Moscow, Russia
    MGIMO University, Moscow, Russia)

Abstract

Transformation of research results into policy advice is a challenging business for economists. Most of them are often deeply disappointed by the fact that politicians and bureaucrats ignore recommendations designed to maximize the social welfare. This does not mean, however, that political decision makers are irrational. Rather, political economy argument is that they rationally pay more attention to their own interests as compared with the social welfare. The article argues that the optimal policy advice strategy should rely on the analysis of decision makers' utility functions. The outcome of this analysis is a set of recommendations that are the most economically efficient of those that can be implemented in political equilibrium.

Suggested Citation

  • Afontsev, S., 2017. "Transforming Research Results into Policy Advice: Political Economy Perspective," Journal of the New Economic Association, New Economic Association, vol. 35(3), pages 192-198.
    • Handle: RePEc:nea:journl:y:2017:i:35:p:192-198
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    References listed on IDEAS

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    1. Daron Acemoglu & James A. Robinson, 2013. "Economics versus Politics: Pitfalls of Policy Advice," Journal of Economic Perspectives, American Economic Association, vol. 27(2), pages 173-192, Spring.
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    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation

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