The Making of Economic Policy a Transaction-Cost Politics Perspective
- List Price: $29.00
- Binding: Paperback
- Publisher: Mit Pr
- Publish date: 10/01/1998
Avinash Dixit looks for an improved understanding of the politics of economic policymaking 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 within 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 credible attempts to cope with transaction costs such as opportunism and asymmetric information.
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0262540983 192 pp. 8vo. Paperback. Minor shelfwear. Crease to front joint,
0262540983 192 pp. 8vo. Paperback. Minor shelfwear. Crease to front joint, faint crease to spine. Peeling/tears to color coating of top front corner. From the Munich Lectures in Economics.