The Making of Economic Policy

Name: The Making of Economic Policy
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ISBN: 9780262540988

A Transaction-Cost Politics Perspective

Avinash K. Dixit (Princeton University), Hans-Werner Sinn (Ifo Institute)

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English

MIT Press
01 September 1998

International economics; Political economy

Series: Munich Lectures in Economics

The Making of Economic Policy begins by observing that most countries' trade policies are so blatantly contrary to all the prescriptions of the economist that there is no way to understand this discrepancy except by delving into the politics. The same is true for many other dimensions of economic policy.

Avinash Dixit looks for an improved understanding of the politics of economic policy-making from a transaction cost perspective. Such costs of planning, implementing, and monitoring an exchange have proved critical to explaining many phenomena in industrial organization. Dixit discusses the variety of similar transaction costs encountered in the political process of making economic policy and how these costs affect the operation of different institutions and policies.

Dixit organizes a burgeoning body of research in political economy in this framework. He uses U.S. fiscal policy and the General Agreement on Tariffs and Trade (GATT) as two examples that illustrate the framework, and show how policy often deviates from the economist's ideal of efficiency. The approach reveals, however, that some seemingly inefficient practices are quite creditable attempts to cope with transaction costs such as opportunism and asymmetric information.

Copublished with the Center for Economic Studies and the Ifo Institute

By: Avinash K. Dixit (Princeton University)
Series edited by: Hans-Werner Sinn (Ifo Institute)
Imprint: MIT Press
Country of Publication: United States
Edition: New edition
Dimensions: Height: 203mm, Width: 133mm, Spine: 15mm
Weight: 272g
ISBN: 9780262540988
ISBN 10: 0262540983
Series: Munich Lectures in Economics
Pages: 212
Publication Date: 01 September 1998
Recommended Age: From 18
Audience: College/higher education , Professional and scholarly , Professional & Vocational , A / AS level , Further / Higher Education
Format: Paperback
Publisher's Status: Active

Hans-Werner Sinn is Professor of Economics and Public Finance at the University of Munich and President of the CESIfo Group. Author of Can Germany Be Saved? The Malaise of the World's First Welfare State (MIT Press) and other books, he is former president of the International Institute of Public Finance, and former chairman of the German Economic Association.

Reviews for The Making of Economic Policy: A Transaction-Cost Politics Perspective

""This work is a tour de force of the kind we have come to expect fromAvinash Dixit. Using the basic ideas of transactions cost theory, hesimultaneously analyzes much of current literature and provides hisown insights in to the theory of economic policy formulation. The workis sure to be a standard reference in the burgeoning field ofpolitical economy."" Anne O. Krueger, Professor of Economics, Stanford University.