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A New Handbook of Political Science$
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Robert E. Goodin and Hans-Dieter Klingemann

Print publication date: 1998

Print ISBN-13: 9780198294719

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198294719.001.0001

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Political Economy: An Overview

Political Economy: An Overview

Chapter:
(p.645) Chapter 28 Political Economy: An Overview
Source:
A New Handbook of Political Science
Author(s):

James E. Alt (Contributor Webpage)

Alberto Alesina (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0198294719.003.0028

Provides an overview of the political economy approach as it relates to the political economy of institutions and the political economy of public policy. The field has developed and the literature has exploded on the basis of analyses of the transaction costs in the incentives, strategies, and choices of maximizing and strategic behaviour, within interconnected political and economic institutions. These themes are examined as they relate to cooperation, efficiency, game theoretic models and institutional choice in legislatures, bureaucracies, and government formation. Models are elaborated and evidence assessed in the political economy of public policy, specifically in the areas of political business cycles and budget deficits.

Keywords:   game theory, institutional choice, institutions, maximization, opportunism, political economy, public policy, rationality, transaction costs

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