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| Author: | Spiller, P.T. Tommasi, M. |
| Title: | The institutional foundations of public policy: a transactions approach with application to Argentina |
| Journal: | Journal of law, economics and organization
2003 : OCT, VOL. 19:2, p. 281-306 |
| Index terms: | Public policy Politics Transaction costs Argentina |
| Language: | eng |
| Abstract: | Public policies are the outcomes of complex intertemporal exchanges among politicians. The political institutions of a country constitute the framework within which these transactions are accomplished. A transactions theory is developed in this article to understand the ways in which political institutions affect the transactions that political actors are able to undertake, and hence the quality of the policies that emerge. It is argued that Argentina is a case in which the functioning of political institutions has inhibited the capacity to undertake efficient intertemporal political exchanges. Positive political theory and transaction cost economics are used to explain the workings of Argentine political institutions and to show how their operation gives rise to low-quality policies. |
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