State reform and the theory of institutional policy

Thráinn Eggertsson ()

Brazilian Journal of Political Economy, 1999, vol. 19, issue 2, 291-306

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.

Keywords: New institutional economics; determinacy paradox; public policies; political economy (search for similar items in EconPapers)
Date: 1999
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