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The Economics of Influence

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  • David Colander

Abstract

The economics profession has fallen into the habit of telling a limited "economics of control" policy story in their teaching of economics. While it is a useful story, it leaves out important elements of policy. This paper briefly analyzes the history of the profession's current policy story, and argues that a newly developed complexity theory offers a richer policy narrative. It is a policy story in which the government and market coevolve, and the role of government policy is to positively influence that evolution, not to control the system. The paper concludes with a discussion of some implications that the acceptance of an economics-of-influence approach to policy would have for the story economists tell about policy.

Suggested Citation

  • David Colander, 2014. "The Economics of Influence," Journal of Economic Issues, Taylor & Francis Journals, vol. 48(2), pages 485-492.
    • Handle: RePEc:mes:jeciss:v:48:y:2014:i:2:p:485-492
    DOI: 10.2753/JEI0021-3624480223
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    Cited by:

    1. Paolo Ramazzotti, 2016. "Themes in an institutionalist theory of economic policy," Working Papers 81-2016, Macerata University, Department of Finance and Economic Sciences, revised May 2016.
    2. David Colander, 2018. "The Scope and Method of Applied Policy Economics," The American Economist, Sage Publications, vol. 63(2), pages 132-146, October.
    3. Simon Wren-Lewis, 2015. "The Knowledge Transmission Mechanism and Austerity," IMK Working Paper 160-2015, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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