Political Economy: Success or Failure?
Bruno S. Frey
University of Zurich
Lasse Steiner
University of Zurich
2012
Contemporary Economics, Vol. 6, No. 3, pp. 10-21, 2012
Abstract:
The Political Economy and Public Choice approaches
have promoted the study of interactions between the economy and the
polity for over 60 years now. The present paper endeavours to provide a
critical discussion of this literature and its achievements. In
particular, it begins with the different approaches based on empirically
tested or politometric models and it then proceeds to discuss different
studies of the effects that particular rules of the game have on
politico-economic outcomes. The third section of the paper will address
studies that take institutions to be endogenous and aims to explain why
particular institutions emerge. Finally, the question of whether
Political Economy has been a success or a failure will be tackled. While
the success in terms of the position it has gained in economic research
and teaching is undeniable, a look at one of the most thriving recent
areas of economics, happiness research, will reveal that some of its
fundamental lessons are all too often disregarded.
Number of Pages in PDF File: 12
Keywords: political economy, public choice, constitutional economics, institutions
JEL Classification: H10, B25, A11
Accepted Paper Series
Date posted: November 24, 2012
Suggested Citation
Contact Information
Bruno S. Frey (Contact Author) | |
Lasse Steiner |
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