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State reform and the theory of institutional policy

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  • Thráinn Eggertsson

Abstract

A theory of institutional reforms must recognize what policy instruments areavailable, 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-calledDeterminacy Paradox concludes that it is not a practical issue. Insights suggested by the newinstitutionalism 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 understandingof the role of norms in undermining reforms and of long-term internal dynamics ofsocial systems. JEL Classification: B25; H11; D72.

Suggested Citation

  • Thráinn Eggertsson, 1999. "State reform and the theory of institutional policy," Brazilian Journal of Political Economy, Center of Political Economy, vol. 19(2), pages 291-306.
    • Handle: RePEc:ekm:repojs:v:19:y:1999:i:2:p:291-306:id:1056
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1056/1041
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    More about this item

    Keywords

    New institutional economics; determinacy paradox; public policies; political economy;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior

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