Satisficing And Sequential Targets In Economic Policy: A Politico-Economic Approach
The standard optimising framework has difficulties in explaining macroeconomic policy phenomena in some countries, such as long-term spiralling public debts and sequential setting of policy targets. Moreover, it has not responded convincingly to some common criticisms, such as the question of symmetry, and the failure to account for the existence of policy-lobbying groups. This paper suggests that a satisficing approach to economic policy is a possible way of accommodating all the above. This approach combined with priority target setting has been used in other social sciences. It concentrates on the concepts of sequential attention to policy objectives and 'satisfactory' macroeconomic targets. It also provides a choice theoretical framework as a foundation of the satisficing approach to economic policy. A simple example of a satisficing sequential target model is presented. There is also an attempt to link other alternative approaches, such as politico-economic models, with this framework. Copyright 2004, Oxford University Press.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 23 (2004)
Issue (Month): 1 (November)
|Contact details of provider:|| Postal: |
Fax: 01865 267 985
Web page: http://www.cpe.oupjournals.org/Email:
|Order Information:||Web: http://www.oup.co.uk/journals|
When requesting a correction, please mention this item's handle: RePEc:oup:copoec:v:23:y:2004:i:1:p:49-64. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.