Economic policy making in evolutionary perspective |
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Authors: | Ulrich Witt |
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Institution: | (1) Max-Planck-Institute for Research into Economic Systems, 07745 Jena, Germany (e-mail: witt@mpiew-jena.mpg.de) , DE |
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Abstract: | Economic policy making is discussed from three different angles: the political economy of actual policy making (“what policy
does do”), the analysis of policy instruments for given ends (“what policy could do”), and the debate on policy goals and
their legitimization (“what policy ought to do”). Center stage in the evolutionary perspective is new, positive and normative
knowledge which is unfolding during the policy making process and in its aftermath. It is argued that this implies regularities
and constraints which extend and modify the comparative-static interpretations of public choice theory, economic policy making
theory, and social philosophy.
RID="*"
ID="*" The author should like to thank three anonymous referees of this journal and the editor for helpful comments on an
earlier version of the paper. |
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Keywords: | : Evolutionary economics – Economic policy making – Policy advice – Policy goals – Public choice theory – Regulation |
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