Chapter

Political Economy: An Overview

James E. Alt and Alberto Alesina

in A New Handbook of Political Science

Published in print September 1998 | ISBN: 9780198294719
Published online November 2003 | e-ISBN: 9780191599361 | DOI: http://dx.doi.org/10.1093/0198294719.003.0028
 Political Economy: An Overview

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Provides an overview of the political economy approach as it relates to the political economy of institutions and the political economy of public policy. The field has developed and the literature has exploded on the basis of analyses of the transaction costs in the incentives, strategies, and choices of maximizing and strategic behaviour, within interconnected political and economic institutions. These themes are examined as they relate to cooperation, efficiency, game theoretic models and institutional choice in legislatures, bureaucracies, and government formation. Models are elaborated and evidence assessed in the political economy of public policy, specifically in the areas of political business cycles and budget deficits.

Keywords: game theory; institutional choice; institutions; maximization; opportunism; political economy; public policy; rationality; transaction costs

Chapter.  12208 words. 

Subjects: Politics

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