The DOI matches its Crossref record; 55 of the 55 references it cites were found in a registry or an index.
Economics versus Politics: Pitfalls of Policy Advice
Abstract
The standard approach to policy making and advice in economics implicitly or explicitly ignores politics and political economy and maintains that if possible, any market failure should be rapidly removed. This essay explains why this conclusion may be incorrect; because it ignores politics, this approach is oblivious to the impact of the removal of market failures on future political equilibria and economic efficiency, which can be deleterious. We first outline a simple framework for the study of the impact of current economic policies on future political equilibria—and indirectly on future economic outcomes. We then illustrate the mechanisms through which such impacts might operate using a series of examples. The main message is that sound economic policy should be based on a careful analysis of political economy and should factor in its influence on future political equilibria.
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Cites
Globalization and Its Discontents
(2015) · The SAGE Encyclopedia of Economics and Society · doi:10.4135/9781452206905.n316 · Cited by 5,477
Economic Origins of Dictatorship and Democracy
Acemoglu, D., & Robinson, J. A. (2005) · doi:10.1017/cbo9780511510809 · Cited by 4,810
Self-citationFoundations of Economic Analysis.
Stigler, G. J., & Samuelson, P. A. (1948) · Journal of the American Statistical Association · doi:10.2307/2280713 · Cited by 4,128
Political Economics: Explaining Economic Policy
Bucovetsky, S., Persson, T., & Tabellini, G. (2002) · Southern Economic Journal · doi:10.2307/1061733 · Cited by 3,748
Why nations fail: the origins of power, prosperity, and poverty
(2012) · Choice Reviews Online · doi:10.5860/choice.50-0390 · Cited by 3,643
Social Origins of Dictatorship and Democracy: Lord and Peasant in the Making of the Modern World.
Ness, G. D., & Moore, B. (1967) · American Sociological Review · doi:10.2307/2092029 · Cited by 2,261
The General Theory of Second Best
Lipsey, R. G., & Lancaster, K. (1956) · The Review of Economic Studies · doi:10.2307/2296233 · Cited by 2,057
Violence and social orders: a conceptual framework for interpreting recorded human history
(2010) · Choice Reviews Online · doi:10.5860/choice.47-2898 · Cited by 1,945
Why Did the West Extend the Franchise? Democracy, Inequality, and Growth in Historical Perspective
Acemoglu, D., & Robinson, J. A. (2000) · The Quarterly Journal of Economics · doi:10.1162/003355300555042 · Cited by 1,939
Self-citationThe Rise of Europe: Atlantic Trade, Institutional Change, and Economic Growth
Acemoglu, D., Johnson, S., & Robinson, J. (2005) · American Economic Review · doi:10.1257/0002828054201305 · Cited by 1,776
Self-citation
Cited by
Unions and Inequality Over the Twentieth Century: New Evidence from Survey Data
Farber, H., Herbst, D., Kuziemko, I., & Naidu, S. (2018) · National Bureau of Economic Research · doi:10.3386/w24587 · Cited by 319
Metadata
- Authors
- Acemoglu, D., & Robinson, J. A.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2013-02-01
- Volume
- 27
- Issue
- 2
- Pages
- 173-192
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W3122621436
- Cited by
- 325
- References
- 55
- FWCI
- 49.65
- Type
- journal article
- Language
- en
- Open access
- closed
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