Economics versus Politics: Pitfalls of Policy Advice

Texto bem interessante do Acemoglu e James Robinson, mencionado pelo esforçado economista da ditadura na sua coluna desta terça feira no Valor. Em política econômica é realmente um erro separar a economia da política o que leva, via de regra, a analises equivocadas como podemos comprovar, recentemente, com a crise da zona do euro. É, também, grave equivoco, praticado com uma frequencia absurda pelo marxismo talebã, ignorar a boa teoria econômica e basear a analise no mambo jambo que ainda encanta incautos em certos ambientes... Recomendo fortemente a leitura do paper...

The standard approach to policy-making and advice in economics implicitly or ex- plicitly ignores politics and political economy, and maintains that if possible, any market failure should be rapidly removed. This essay explains why this conclusion may be incor- rect; because it ignores politics, this approach is oblivious to the impact of the removal of market failures on future political equilibria and economic e¢ ciency, which can be delete- rious. We Örst outline a simple framework for the study of the impact of current economic policies on future political equilibriaó and indirectly on future economic outcomes. We then illustrate the mechanisms through which such impacts might operate using a series of examples. The main message is that sound economic policy should be based on a careful analysis of political economy and should factor in its ináuence on future political equilibria

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