The Economics of Influence

• Autores: David Colander
• Localización: Journal of Economic Issues, ISSN 0021-3624, Vol. 48, Nº. 2, 2014, págs. 485-492
• Idioma: inglés
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• Resumen

  • The economics profession has fallen into the habit of telling a limited "economics of control" policy story in their teaching of economics. While it is a useful story, it leaves out important elements of policy. This paper briefly analyzes the history of the profession's current policy story, and argues that a newly developed complexity theory offers a richer policy narrative. It is a policy story in which the government and market coevolve, and the role of government policy is to positively influence that evolution, not to control the system. The paper concludes with a discussion of some implications that the acceptance of an economics-of-influence approach to policy would have for the story economists tell about policy.