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Author: Daron Acemoglu
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper develops a simple model of economic and political institutions that lead to poor aggregate economic performance. In the model economy, groups with political power, the elite, choose policies to increase their income and to directly or indirectly transfer resources from the rest of society to themselves. The resulting equilibrium is generally inefficient because of three distinct mechanisms: (1) revenue extraction, (2) factor price manipulation and (3) political consolidation. In particular, the elite may pursue inefficient policies to extract revenue from other groups. They may do so to reduce the demand for factors coming from other groups in the economy, thus indirectly benefiting from changes in factor prices. Finally, they may try to impoverish other groups competing for political power. The elite's preferences over inefficient policies translate into inefficient economic institutions. The notable exception to this general picture emerges when long-term investments are important, thus creating a commitment (holdup) problem, whereby equilibrium taxes and regulations are worse than the elite would like them to be from an ex ante point of view. In this case, economic institutions that provide additional security of property rights to other groups can be useful.
Author: Daron Acemoglu
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper develops a simple model of economic and political institutions that lead to poor aggregate economic performance. In the model economy, groups with political power, the elite, choose policies to increase their income and to directly or indirectly transfer resources from the rest of society to themselves. The resulting equilibrium is generally inefficient because of three distinct mechanisms: (1) revenue extraction, (2) factor price manipulation and (3) political consolidation. In particular, the elite may pursue inefficient policies to extract revenue from other groups. They may do so to reduce the demand for factors coming from other groups in the economy, thus indirectly benefiting from changes in factor prices. Finally, they may try to impoverish other groups competing for political power. The elite's preferences over inefficient policies translate into inefficient economic institutions. The notable exception to this general picture emerges when long-term investments are important, thus creating a commitment (holdup) problem, whereby equilibrium taxes and regulations are worse than the elite would like them to be from an ex ante point of view. In this case, economic institutions that provide additional security of property rights to other groups can be useful.
Author: Joan Farré Mensa
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
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Book Description
Author: The Core Team
Publisher: Oxford University Press, USA
ISBN: 9780198849841
Category : Economic policy
Languages : en
Pages : 0
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Book Description
Economy, Society, and Public Policy is a new way to learn economics. It is designed specifically for students studying social sciences, public policy, business studies, engineering and other disciplines who want to understand how the economy works and how it can be made to work better. Topical policy problems are used to motivate learning of key concepts and methods of economics. It engages, challenges and empowers students, and will provide them with the tools to articulate reasoned views on pressing policy problems. This project is the result of a worldwide collaboration between researchers, educators, and students who are committed to bringing the socially relevant insights of economics to a broader audience.KEY FEATURESESPP does not teach microeconomics as a body of knowledge separate from macroeconomicsStudents begin their study of economics by understanding that the economy is situated within society and the biosphereStudents study problems of identifying causation, not just correlation, through the use of natural experiments, lab experiments, and other quantitative methodsSocial interactions, modelled using simple game theory, and incomplete information, modelled using a series of principal-agent problems, are introduced from the beginning. As a result, phenomena studied by the other social sciences such as social norms and the exercise of power play a roleThe insights of diverse schools of thought, from Marx and the classical economists to Hayek and Schumpeter, play an integral part in the bookThe way economists think about public policy is central to ESPP. This is introduced in Units 2 and 3, rather than later in the course.
Author: Douglass C. North
Publisher: Cambridge University Press
ISBN: 9780521397346
Category : Political Science
Languages : en
Pages : 164
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Book Description
An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures.
Author: Peter A. Hall
Publisher: Oxford University Press
ISBN: 0199247749
Category : Business & Economics
Languages : en
Pages : 557
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Book Description
Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.
Author: Dani Rodrick
Publisher: Elsevier
ISBN: 0080931723
Category : Business & Economics
Languages : en
Pages : 1066
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Book Description
What guidance does academic research really provide to economic policy development? The critical and analytical surveys in this volume investigate links between policies and outcomes by surveying work from broad macroeconomic policies to interventions in microfinance. Asserting that there are no universal correspondences between policies and outcomes, contributors demonstrate instead that only an intense familiarity with the development context and the universe of applicable economic models can generate successful policies. Getting cause-and-effect right is essential for policy design and implementation. With the goal of drawing researchers and policy makers closer, this volume highlights our increasing understanding of ways to combine economic theorizing with careful, thoughtful empirical work. Presents an accurate, self-contained survey of the current state of the field Summarizes the most recent discussions, and elucidates new developments Although original material is also included, the main aim is the provision of comprehensive and accessible surveys
Author: Claude Diebolt
Publisher: Springer Nature
ISBN: 3031355830
Category :
Languages : en
Pages : 2796
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Book Description
Author: Shuanping Dai
Publisher: Routledge
ISBN: 1317749537
Category : Business & Economics
Languages : en
Pages : 206
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Book Description
The questions such as, ‘why the focuses of national policies vary significantly across countries, although their sources of policies are to a great extent identical’; ‘why national development experiences mostly cannot be transplanted successfully among countries’; ‘why some ineffective institutions persist over long periods of time’, have attracted numerous efforts. This book provides a new perspective and argues that the answers lie in the existence of the networks of institutions and thus of national systems of policies (NSP) within national frameworks. Institutions are the equilibria of games and exist as rules of games. Therefore, a basic setting is that institutions emerge endogenously from a series of social interactions, and the interacting human agents are connected and interdependent at the overlapping interaction platforms. National policies and developmental strategies can be modelled in this approach too. The networks of institutions describe the dynamic connected structure among institutions in the process of social interactions over time. Regarding the national policies response to the recent economic crises, this book argues that the difference comes from the distinct understandings of the tags of the policies, which highly depend on the distinct national contexts, such as national interests, cultural background, political systems and so forth. This book represents a significant contribution to the literature which will be essential reading for those interested in institutional economics, network theory, social structures and economic policy. In particular, the approach of applying network game theory in institutional emergence, and the terms developed, i.e. tags of institutions, and national systems of policies, in this book, are illuminating and deserve more attention.
Author: Silvio Borner
Publisher: OECD Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 120
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Book Description
This publication discusses the impact of institutions on economic development and the determinants that shape institutional quality, using a new institutional economics (NIE) model based on a multidisciplinary approach to understanding issues including growth, efficiency and income distribution. Using the experience of Argentina under the Menem government as a case study, a methodology is developed and applied to test theoretical hypotheses regarding the concept of institutional quality and how delineation between economic and political institutions work in practice. It also considers systems of democracy and autocracy, and the impact of traditional, legal and cultural frameworks on institutional efficiency.
Author: Joseph Jupille
Publisher: Cambridge University Press
ISBN: 1009063936
Category : Political Science
Languages : en
Pages : 219
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Book Description
The human condition teems with institutions – intertemporal social arrangements that shape human relations in support of particular values – and the social scientific work developed over the last five decades aimed at understanding them is similarly vast and diverse. This book synthesizes scholarship from across the social sciences, with special focus on political science, sociology, economics, and organizational studies. Drawing out institutions' essentially social and temporal qualities and their varying relationships to efficiency and power, the authors identify more underlying similarity in understandings of institutional origins, maintenance, and change than emerges from overviews from within any given disciplinary tradition. Most importantly, Theories of Institutions identifies dozens of avenues for cross-fertilization, the pursuit of which can help keep this broad and inherently diverse field of study vibrant for future generations of scholars.
