Vypovídací schopnost makroagregátů při hodnocení výsledků hospodářské politiky

Possibilities of macroeconomic policy evaluation on the basis of macroaggregates

Michal Kvasnička

Politická ekonomie, 2003, vol. 2003, issue 6

Abstract: Macroeconomic policy is often evaluated solely on the basis of empirical evidence, such as observing the behavior of macroaggregates. This paper argues that this approach bears a shortcoming: "improvement" of macroaggregates can be socially undesirable under certain circumstances. Thus the sole exploration of macroaggregates is not sufficient to evaluate the macroeconomic policy -axiomatic economic theory must be used as well to determine whether the outcomes of macroeconomic policy are beneficial to society or not. The paper first offers a precise definition of a social welfare function (based as much as possible on microfoundations). Then it considers the possibility that macroaggregates might not always correlate with society's welfare. Some illustrations are covered too.

Keywords: macroeconomic policy evaluation; social welfare (search for similar items in EconPapers)
JEL-codes: D10 D60 E00 E13 E52 E62 H30 (search for similar items in EconPapers)
Date: 2003
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DOI: 10.18267/j.polek.443

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