State reforms and the theory of institutional policy
By: EGGERTSSON, Thráinn
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ArticlePublisher: São Paulo : Editora 34, abr./jun. 1999Revista de Economia Política = Brazilian Journal of Political Economy 19, 2 , p. 49-63Abstract: A theory of institutional reforms must recognize what policy instruments are available, how politics restrains the choice sets of reformers, and whether spontaneous counter-policy by ordinary actors is likely to undermine reforms. A discussion of the so-called Determinacy Paradox concludes that it is not a practical issue. Insights suggested by the new institutionalism include measures to reduce political risks, increase the durability of reforms, and reduce transaction. The main weakness of NIE as a guide to policy is its limited understanding of the role of norms in undermining reforms and of long-term internal dynamics of social systems
A theory of institutional reforms must recognize what policy instruments are available, how politics restrains the choice sets of reformers, and whether spontaneous counter-policy by ordinary actors is likely to undermine reforms. A discussion of the so-called Determinacy Paradox concludes that it is not a practical issue. Insights suggested by the new institutionalism include measures to reduce political risks, increase the durability of reforms, and reduce transaction. The main weakness of NIE as a guide to policy is its limited understanding of the role of norms in undermining reforms and of long-term internal dynamics of social systems
Revita de Economia Política 1999
v. 19, n. 2(74)
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