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Markets and Politicians - Politicized economic choice (Paperback, Softcover reprint of the original 1st ed. 1991)
Loot Price: R5,787
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Markets and Politicians - Politicized economic choice (Paperback, Softcover reprint of the original 1st ed. 1991)
Series: Studies in Public Choice, 6
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Arye L. Hillman There has been much economic theorizing directed at
providing the politician with guidance in the design of policies
that will amend market outcomes in ways that achieve specified
efficiency or equity objectives. It has been common practice in
economic models to portray the politician who implements the policy
recommendations as a mechanistic individual who behaves as would a
benevolent dictator to maximize a prespecified conception of social
welfare or the utility of a representative consumer. The
self-interest and discretion that is attributed to firms and
consumers as optimizing agents is absent from the motives of such a
politician. Economic policy choice is thereby depoliticized. How
well depoliticized economic theory fares in explaining or
predicting economic policy choice depends naturally enough upon how
politicized is the economic system in which economic and political
agents function. The papers in this volume recognize that
politicians may exercise sufficient discretion so as not to behave
mechanistically in correcting market inefficiencies or in pursuit
of a somehow specified just income distribution. Since politicians
are viewed as self-interested optimizing agents, just as are
utility-maximizing consumers and profit-maximizing producers, the
choice of economic policies is politicized. Coverage is provided of
a broad spectrum of economic policy choice where markets and
politicians interact. Section I is concerned with policy
determination in western market economies, Section II with the
introduction of markets into economies in transition from
socialism, and Section III with international transactions.
General
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