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Markets and Politicians

Politicized economic choice

  • Book
  • © 1991

Overview

Editors:
  1. Arye L. Hillman

    1. Bar-Ilan University, Israel

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Part of the book series: Studies in Public Choice (SIPC, volume 6)

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Table of contents (18 chapters)

  1. Front Matter

    Pages i-xvi
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  2. Economic Policies and Political Motives

    1. Theoretical Perspectives

      1. Economic Policies and Political Competition
        • Heinrich W. Ursprung
        Pages 1-25
      2. Voluntary Collective Action
        • Joel M. Guttman
        Pages 27-41
      3. Factor Income Taxation in a Representative Democracy
        • Wolfgang Mayer, Jun Li
        Pages 43-61

    2. Policy Choices

      1. Macroeconomic Stabilization Policy: Does Politics Matter?
        • Martin Paldam
        Pages 63-91
      2. Accidental Freedom
        • Gordon Tullock
        Pages 93-112
      3. Europe 1992: From the Common to the Single Market
        • Peter Holmes
        Pages 113-135

  3. Markets and Socialism

    1. Market Socialism in Eastern Europe

      1. Markets and Ownership in Socialist Countries in Transition
        • Manuel Hinds
        Pages 137-168
      2. Socialism in Less than One Country
        • Adi Schnytzer
        Pages 169-178

    2. Transitionary Policies

      1. Restoring Property Rights
        • Marton Tardos
        Pages 179-188
      2. Liberalization Dilemmas
        • Arye L. Hillman
        Pages 189-207

    3. Economic Change in China

      1. The Failure of Recentralization in China: Interplays among Enterprises, Local Governments and the Center
        • Kang Chen
        Pages 209-229
      2. Market-Oriented Reform and Fiscal Policy
        • Mario I. Blejer, György Szápary
        Pages 231-262

  4. International Economic Policy

    1. International Trade

      1. The Political-Economy Perspective on Trade Policy
        • Robert E. Baldwin
        Pages 263-282
      2. The Economics and Political Economy of Managed Trade
        • Wilfred J. Ethier
        Pages 283-306
      3. Changes in Trade-Policy Regimes
        • James H. Cassing
        Pages 307-318

    2. International Monetary Transactions

      1. Foreign-Exchange Markets and Central-Bank Intervention
        • Manfred Gärtner
        Pages 319-338
      2. The Political Economy of the International Debt Crisis
        • Ngo Van Long
        Pages 339-356
      3. Foreign-Exchange Market Liberalization: Anatomy of a Failure
        • Ben-Zion Zilberfarb
        Pages 357-368
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Keywords

About this book

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.

Editors and Affiliations

  • Bar-Ilan University, Israel

    Arye L. Hillman

Bibliographic Information

  • Book Title: Markets and Politicians

  • Book Subtitle: Politicized economic choice

  • Editors: Arye L. Hillman

  • Series Title: Studies in Public Choice

  • DOI: https://doi.org/10.1007/978-94-011-3882-6

  • Publisher: Springer Dordrecht

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer Science+Business Media New York 1991

  • Hardcover ISBN: 978-0-7923-9135-7Published: 31 January 1991

  • Softcover ISBN: 978-94-010-5728-8Published: 05 October 2012

  • eBook ISBN: 978-94-011-3882-6Published: 06 December 2012

  • Series ISSN: 0924-4700

  • Series E-ISSN: 2731-5258

  • Edition Number: 1

  • Number of Pages: XVI, 368

  • Topics: Public Economics, Political Science, International Economics

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