Policy Design in Rule-Based Economics: Implications for Entrepreneurship in Japan
Chapter Chapter 15 in The Entrepreneur in Rule-Based Economics, 2017, pp 167-173 from Springer
Abstract This chapter sketches the development of policies in rule-based economics. Importantly, focusing on interventions at the rule level enables to achieve more long-term, and more sustainable improvements than traditional policy which continues to target mainly the operational level. As is shown with concrete examples, rule-based policy comes with a trade-off between the potential of self-sustainability and immediacy. Policy targeting 2nd order rules has the highest potential for self-sustainability but comes with important time lags, whereas policy measures targeting 1st order rules have smaller potential for sustainability but come with smaller time lags. At the other extreme of this trade-off, operational policy has no potential for self-sustainability but comes with almost immediate effect. We exemplify these considerations by sketching policy measures aimed at fostering entrepreneurial activity in Japan.
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