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The Political Economy of Economic Policy Advice

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  • Stefan Dercon

Abstract

This article examines the political economy of economic policy advice. It offers a framework for assessing how to maximise the economic development impact of advice, allowing for the political incentives of those in power. It argues for a ‘second best’ analysis that looks to maximise development impact given political incentives and shows how standard advice often given by researchers, government advisors or international organisations such as the World Bank and the IMF may not be this second best option. Furthermore, it looks at the implications of treating political constraints as endogenous. Some examples illustrate how research and advice can be more impactful by considering local political economy conditions.

Suggested Citation

  • Stefan Dercon, 2024. "The Political Economy of Economic Policy Advice," Journal of African Economies, Centre for the Study of African Economies, vol. 33(Supplemen), pages 26-38.
    • Handle: RePEc:oup:jafrec:v:33:y:2024:i:supplement_2:p:ii26-ii38.
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    File URL: http://hdl.handle.net/10.1093/jae/ejae027
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    Cited by:

    1. is not listed on IDEAS
    2. Guizzo Altube, Matías & Scartascini, Carlos & Tommasi, Mariano, 2023. "The Political Economy of Redistribution and (in)Efficiency in Latin America and the Caribbean," IDB Publications (Working Papers) 13194, Inter-American Development Bank.
    3. Animashaun, Jubril & Wossink, Ada, 2024. "How do households cope during aggregate shocks? Evidence from the 2009–2015 oil crisis in Nigeria," Resources Policy, Elsevier, vol. 95(C).

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    Keywords

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    JEL classification:

    • P00 - Political Economy and Comparative Economic Systems - - General - - - General
    • N90 - Economic History - - Regional and Urban History - - - General, International, or Comparative
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

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