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policy reform, political economy of
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by
Steven
N.
Durlauf
and
Lawrence
E.
Blume
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Abstract
Policymakers face political constraints that make enacting reform difficult. Since the late 1980s economists have developed a framework to analyse the deeper political underpinnings of policy inefficiency. This article develops a framework for delineating the key findings of this literature. It then briefly sketches out the role of institutions in facilitating policy reform.
Keywords
adjustment costs; commitment; compensation; democracy; distributional conflict; government failure; institutional design; new political economy; policy persistence; policy reform; public choice; rational choice political economy; rent seeking; reputation; stabilization policy; time inconsistency
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How to cite this article
Mukand, Sharun W. "policy reform, political economy of." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 22 May 2013 <http://www.dictionaryofeconomics.com/article?id=pde2008_P000363> doi:10.1057/9780230226203.1295
