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Themes in an institutionalist theory of economic policy

Listed author(s):
  • Paolo Ramazzotti

    (University of Macerata)

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    The paper discusses the ends and scope of economic policy from an evolutionary and institutionalist perspective. I focus on how complexity and di erent types of coordination characterize the economy we live in. I then discuss how public coordination and change can be conceived of. I point out that the means to adequately deal with economic complexity depend on which social priorities prevail and on how the economy is conceptually framed in relation to those priorities. This requires the combined formulation of moral and cognitive value judgments and the non-separability of economic theory from the ends of economic policy.

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    File URL: http://www2.unimc.it/ricerca/dipartimenti/dipartimento-di-istituzioni-economiche-e/wpaper/wpaper00081/filePaper
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    Paper provided by Macerata University, Department of Finance and Economic Sciences in its series Working Papers with number 81-2016.

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    Length: 16
    Date of creation: May 2016
    Date of revision: May 2016
    Handle: RePEc:mcr:wpdief:wpaper00081
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    1. Daniel Kahneman & Peter P. Wakker & Rakesh Sarin, 1997. "Back to Bentham? Explorations of Experienced Utility," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 375-406.
    2. Hirschman, Albert O., 1985. "Against Parsimony: Three Easy Ways of Complicating some Categories of Economic Discourse," Economics and Philosophy, Cambridge University Press, vol. 1(01), pages 7-21, April.
    3. Kenneth E. Boulding, 1956. "General Systems Theory--The Skeleton of Science," Management Science, INFORMS, vol. 2(3), pages 197-208, April.
    4. Wolfram Elsner, 2010. "The process and a simple logic of ‘meso’. Emergence and the co-evolution of institutions and group size," Journal of Evolutionary Economics, Springer, vol. 20(3), pages 445-477, June.
    5. David Colander, 2014. "The Economics of Influence," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 48(2), pages 485-492.
    6. Denzau, Arthur T & North, Douglass C, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31.
    7. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904, November.
    8. Sheila C. Dow, 1996. "The Methodology of Macroeconomic Thought," Books, Edward Elgar Publishing, number 933.
    9. Wolfram Elsner, 2012. "The Theory of Institutional Change Revisited: The Institutional Dichotomy, Its Dynamic, and Its Policy Implications in a More Formal Analysis," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 46(1), pages 1-44.
    10. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    11. Elsner, Wolfram & Heinrich, Torsten & Schwardt, Henning, 2014. "The Microeconomics of Complex Economies," Elsevier Monographs, Elsevier, edition 1, number 9780124115859.
    12. James Stanfield & Michael Carroll, 2009. "The Social Economics of Neoliberal Globalization," Forum for Social Economics, Springer;The Association for Social Economics, vol. 38(1), pages 1-18, April.
    13. William Milberg & Ellen Houston, 2005. "The high road and the low road to international competitiveness: Extending the neo-Schumpeterian trade model beyond technology," International Review of Applied Economics, Taylor & Francis Journals, vol. 19(2), pages 137-162.
    14. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters,in: Understanding the Process of Economic Change Princeton University Press.
    15. Oliver E. Williamson, 1993. "Contested Exchange versus the Governance of Contractual Relations," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 103-108, Winter.
    16. Musgrave, Alan, 1981. "'Unreal Assumptions' in Economic Theory: The F-Twist Untwisted," Kyklos, Wiley Blackwell, vol. 34(3), pages 377-387.
    17. James Stanfield & Michael Carroll, 2009. "The Social Economics of Neoliberal Globalization," Forum for Social Economics, Taylor & Francis Journals, vol. 38(1), pages 1-18, January.
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