Political Economy: Success or Failure?

Bruno S. Frey

CREMA; Zeppelin University

December 30, 2011

CESifo Working Paper Series No. 3684

Political Economy and Public Choice have studied the interactions between the economy and the polity for over 60 years now. The present paper endeavors to provide a critical discussion of this literature and its achievements. In particular, it starts with the different approaches based on empirically tested or politometric models, and it then proceeds to discuss different studies of the effects that particular rules of the game have on politico-economic outcomes. The third part will deal with studies that take institutions to be endogenous and aim at explaining why particular institutions emerge. Finally, the question whether political economy has been a success or a failure will be tackled. While the success in terms of the position gained in economic research and teaching is undeniable, a look at one of the most thriving recent areas of economics, namely happiness research, will reveal that fundamental lessons all too often remain disregarded.

Number of Pages in PDF File: 23

JEL Classification: D720

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Date posted: January 5, 2012  

Suggested Citation

Frey, Bruno S., Political Economy: Success or Failure? (December 30, 2011). CESifo Working Paper Series No. 3684. Available at SSRN: http://ssrn.com/abstract=1980062

Contact Information

Bruno S. Frey (Contact Author)
CREMA ( email )
Südstrasse 11
Zurich, CH 8008
Zeppelin University ( email )
Am Seemooser Horn 20
Friedrichshafen, Lake Constance 88045
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