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On economists as policy advisors with applications to Switzerland

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  • Aymo Brunetti

    (University of Bern)

Abstract

This paper analyses the role of economists in advising political agents. Based on the experience in the recent financial crisis, it starts with the important role of expectations management. Economists should make clear that precise forecasts are not possible but that application of economic principles and careful analysis of data and historical events can substantially improve political decisions. In order to be effective, economic advisors have to be aware of the first best as well as of the political feasibility of proposals. Efficiency is the obvious benchmark, but a large part of policy advice is about finding the least inefficient of the feasible alternatives. The paper argues that a crucial precondition for being an effective policy advisor are communication skills; academics who become policy advisors should not try to impress their peers but rather translate insights in a language that is understandable for educated laypeople. The paper then looks at the special situation of economic policy advice in the Swiss direct democracy before concluding with a summary of the most important preconditions for being a successful policy advisor.

Suggested Citation

  • Aymo Brunetti, 2018. "On economists as policy advisors with applications to Switzerland," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 154(1), pages 1-5, December.
    • Handle: RePEc:spr:sjecst:v:154:y:2018:i:1:d:10.1186_s41937-017-0009-4
    DOI: 10.1186/s41937-017-0009-4
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    References listed on IDEAS

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    1. Schultze, Charles L, 1982. "The Role and Responsibilities of the Economist in Government," American Economic Review, American Economic Association, vol. 72(2), pages 62-66, May.
    2. 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.
    3. Gardner Ackley, 1966. "The Contribution Of Economists To Policy Formation," Journal of Finance, American Finance Association, vol. 21(2), pages 169-177, May.
    4. Lee H. Hamilton, 1992. "Economists as Public Policy Advisers," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 61-64, Summer.
    5. Christopher K. Leman & Robert H. Nelson, 1982. "Ten commandments for policy economists," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 1(1), pages 97-117.
    6. Rivlin, Alice M, 1987. "Economics and the Political Process," American Economic Review, American Economic Association, vol. 77(1), pages 1-10, March.
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