The Making of Economic Policy


Book Description

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




How to Write about Economics and Public Policy


Book Description

How to Write about Economics and Public Policy is designed to guide graduate students through conducting, and writing about, research on a wide range of topics in public policy and economics. This guidance is based upon the actual writing practices of professional researchers in these fields and it will appeal to practitioners and students in disciplinary areas such as international economics, macroeconomics, development economics, public finance, policy studies, policy analysis, and public administration. Supported by real examples from professional and student writers, the book helps students understand what is expected of writers in their field and guides them through choosing a topic for research to writing each section of the paper. This book would be equally effective as a classroom text or a self-study resource. - Teaches students how to write about qualitative and quantitative research in public policy and economics in a way that is suitable for academic consumption and that can drive public policy debates - Uses the genre-based approach to writing to teach discipline-appropriate ways of framing problems, designing studies, and writing and structuring content - Includes authentic examples written by students and international researchers from various sub-disciplines of economics and public policy - Contains strategies and suggestions for textual analysis of research samples to give students an opportunity to practice key points explained in the book - Is based on a comprehensive analysis of a research corpus containing 400+ research articles in various areas of public policy and economics




White-Collar Government


Book Description

Eight of the last twelve presidents were millionaires when they took office. Millionaires have a majority on the Supreme Court, and they also make up majorities in Congress, where a background in business or law is the norm and the average member has spent less than two percent of his or her adult life in a working-class job. Why is it that most politicians in America are so much better off than the people who elect them— and does the social class divide between citizens and their representatives matter? With White-Collar Government, Nicholas Carnes answers this question with a resounding—and disturbing—yes. Legislators’ socioeconomic backgrounds, he shows, have a profound impact on both how they view the issues and the choices they make in office. Scant representation from among the working class almost guarantees that the policymaking process will be skewed toward outcomes that favor the upper class. It matters that the wealthiest Americans set the tax rates for the wealthy, that white-collar professionals choose the minimum wage for blue-collar workers, and that people who have always had health insurance decide whether or not to help those without. And while there is no one cause for this crisis of representation, Carnes shows that the problem does not stem from a lack of qualified candidates from among the working class. The solution, he argues, must involve a variety of changes, from the equalization of campaign funding to a shift in the types of candidates the parties support. If we want a government for the people, we have to start working toward a government that is truly by the people. White-Collar Government challenges long-held notions about the causes of political inequality in the United States and speaks to enduring questions about representation and political accountability.




Economics and Development Studies


Book Description

Economics and Development Studies synthesises existing development economics literature, much of it very contemporary, in order to identify the salient issues and controversies and to make them accessible and understandable.




Economics In Practice: Evidence-based Policymaking In Singapore


Book Description

Singapore is recognised to be one of the most successful economies in the world given its rapid economic and social transformation. Its success is the result of a judicious blend of markets and government, high-quality governance, and public policies that are coherent, consistent and coordinated.This book showcases the contribution of Economics to Singapore's public policymaking. To illustrate the diverse areas that economic analysis has contributed to, this book comprises three sections that span the economic and non-economic policy domains in Singapore. Section I covers economic policies relating to economic growth, trade, investments, productivity, innovation, industrial development, the enterprise landscape and manpower. Section II highlights socioeconomic and security policies, and covers themes such as income inequality and mobility, families, healthcare costs and crime. In Section III, the focus is on infrastructural policies relating to the environment, housing and land transport.This book commemorates the 20th anniversary of the Singapore Government's Economist Service. As the premier service for economists in the Singapore public sector, the Economist Service plays an integral role in supporting evidence-based policymaking through rigorous economic research and analysis of public policies.




Economics for Policy Makers


Book Description

Certain key economic decisions taken by organizations and indeed countries are often not made by economists but by businessmen, trade unionists, politicians and policy-makers. Those who employ people, those who represent workers, those who make laws and those who elect them need economics but may have little time or desire to study it. This book makes economics easily available to everyone. The author’s use of simple language and avoidance of technical jargon provides non-economists with a better understanding of economic reasoning and the tools "to know and to decide". The author achieves this through introducing key concepts in short presentations and arming the reader with selected press articles and recent research using these concepts. An analysis of these demonstrates how a general concept can be derived from a specific context and highlighted questions provide the basis for further debate. The reader can then focus on the parts most relevant to their own needs. This book will have great appeal to employers, trade unionists and public officials attending courses organized by international institutions, professional training providers, as well as graduate students of courses where economics is an important element, especially in relation to its policy implications. Finally, it is invaluable for anybody who has wanted to learn the basics of practical economics but has been deterred by its technicalities.




Infrastructure Economics and Policy


Book Description

In this comparison of infrastructure across countries and sectors, leading international academics and practitioners consider the latest approaches to infrastructure policy, implementation, and finance. The book presents evidence-based solutions and policy considerations, essential concepts and economic theories, and a current overview.




Political Economy for Public Policy


Book Description

The ideal introductory textbook to the politics of the policymaking process This textbook uses modern political economy to introduce students of political science, government, economics, and public policy to the politics of the policymaking process. The book's distinct political economy approach has two virtues. By developing general principles for thinking about policymaking, it can be applied across a range of issue areas. It also unifies the policy curriculum, offering coherence to standard methods for teaching economics and statistics, and drawing connections between fields. The book begins by exploring the normative foundations of policymaking—political theory, social choice theory, and the Paretian and utilitarian underpinnings of policy analysis. It then introduces game theoretic models of social dilemmas—externalities, coordination problems, and commitment problems—that create opportunities for policy to improve social welfare. Finally, it shows how the political process creates technological and incentive constraints on government that shape policy outcomes. Throughout, concepts and models are illustrated and reinforced with discussions of empirical evidence and case studies. This textbook is essential for all students of public policy and for anyone interested in the most current methods influencing policymaking today. Comprehensive approach to politics and policy suitable for advanced undergraduates and graduate students Models unify policy curriculum through methodological coherence Exercises at the end of every chapter Self-contained appendices cover necessary game theory Extensive discussion of cases and applications




The Economics of Artificial Intelligence


Book Description

A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.




The Power of Economists within the State


Book Description

The spread of market-oriented reforms has been one of the major political and economic trends of the late twentieth and early twenty-first centuries. Governments have, to varying degrees, adopted policies that have led to deregulation: the liberalization of trade; the privatization of state entities; and low-rate, broad-base taxes. Yet some countries embraced these policies more than others. Johan Christensen examines one major contributor to this disparity: the entrenchment of U.S.-trained, neoclassical economists in political institutions the world over. While previous studies have highlighted the role of political parties and production regimes, Christensen uses comparative case studies of New Zealand, Ireland, Norway, and Denmark to show how the influence of economists affected the extent to which each nation adopted market-oriented tax policies. He finds that, in countries where economic experts held powerful positions, neoclassical economics broke through with greater force. Drawing on revealing interviews with 80 policy elites, he examines the specific ways in which economists shaped reforms, relying on an activist approach to policymaking and the perceived utility of their science to drive change.