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From short-term to long-term orientation—political economy of the policy reform process
| Content Provider | Semantic Scholar |
|---|---|
| Author | Freytag, Andreas Renaud, S. |
| Copyright Year | 2004 |
| Abstract | Despite the fact that policymakers often have a short-term horizon and prefer discretionary over rule-bound policy, one can observe policy reform with a focus on rules and long-term orientation. Sometimes reforms are driven by crisis, sometimes they are pursued in times of relative prosperity. The paper analyzes reform processes theoretically under the assumption of imperfect knowledge. After the introduction, the second section of the paper shows that rule-bound policy encourages a long-term orientation of policymakers, resulting in higher economic dynamics and growth as compared with discretionary policy. In the third section, the political economy of the reform process, i.e. replacing discretionary by more rule-bound policy, is analyzed in an evolutionary setting. The basic hypothesis is that a policy reform is triggered by three key factors: (1) a worsening economic situation, (2) increasing knowledge of policymakers and the public with respect to the effectiveness of policy paradigms and (3) external, in particular international support. In a fourth section, we present a case study. Finally, we draw conclusions. |
| Starting Page | 433 |
| Ending Page | 449 |
| Page Count | 17 |
| File Format | PDF HTM / HTML |
| DOI | 10.1007/s00191-006-0049-x |
| Volume Number | 17 |
| Alternate Webpage(s) | http://www.wiwi.uni-jena.de/papers/wp-sw1204.pdf |
| Alternate Webpage(s) | https://doi.org/10.1007/s00191-006-0049-x |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
