Theory, general equilibrium and political economy in development economics
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Author
Contributions
- Massachusetts Institute of Technology. Dept. of Economics - Contributor
Publication
2010 - Massachusetts Institute of Technology, Dept. of Economics, Cambridge, MA, Massachusetts
Language
English
Word Count
6,000 words, Guess
Page Count
24 pages
Identifiers
- Internet Archivetheorygeneralequ00acem
- OCLC Control Number679601248
- Open LibraryOL24646445M
Description
I discuss the role of economic theory in empirical work in development economics with special emphasis on general equilibrium and political economy considerations. I argue that economic theory plays (should play) a central role in formulating models, estimates of which can be used for counterfactual and policy analysis. I discuss why counterfactual analysis based on microdata that ignores general equilibrium and political economy issues may lead to misleading conclusions. I illustrate the main arguments using examples from recent work in development economics and political economy. Keywords: economic development, economic theory, methodology of economics, political. JEL Classifications: O10, O12, B41, D50, P48.
Subjects
Series Statement
- Working paper series / Massachusetts Institute of Technology, Dept. of Economics -- 10-6
- Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 10-06.
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