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Incentives and Political Economy

Jean-Jacques Laffont

Published in print October 2001 | ISBN: 9780199248681
Published online November 2003 | e-ISBN: 9780191596575 | DOI: http://dx.doi.org/10.1093/0199248680.001.0001

Series: Clarendon Lectures in Economics

Incentives and Political Economy

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This book presents a detailed exposition of models of incentives in political economy using the tools of contemporary information economics. The emphasis is on small, loosely connected models that describe the rationale behind many of today's political procedures, while paying attention to the intellectual history of the ideas that are discussed. A number of topics in constitutional design are detailed including corruption, separation of powers, and reciprocal supervision. The book is also concerned with the relationship between economists and politicians and looks at the trade‐off between discretion and economic efficiency. Topics in industrial policy and environmental policy are reconsidered from a political economy point of view, emphasizing the role played by politicians, elections, and interest groups in the choice of policy instruments. Additionally, the optimal choice of government centralization is discussed.

Keywords: centralization; constitutional design; corruption; efficiency; environmental policy; incentives; industrial policy; political economy; separation of powers; supervision

Book.  270 pages.  Illustrated.

Subjects: Microeconomics

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Table of Contents

Introduction in Incentives and Political Economy

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An Incentive Theory of the Separation of Powers in Incentives and Political Economy

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Checks and Balances in Incentives and Political Economy

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Political Economy and Industrial Policy in Incentives and Political Economy

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Collusion and Decentralization in Incentives and Political Economy

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Concluding Remarks in Incentives and Political Economy

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