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| Author: | Klemperer, P. |
| Title: | Alfred Marshall lecture: using and abusing economic theory |
| Journal: | Journal of the European Economic Association
2003 : APR-MAY, VOL. 2-3, p. 272-300 |
| Index terms: | Economic theory Policy |
| Language: | eng |
| Abstract: | Practical policy making often abuses economic theory. The sophisticated theory is often excessively focused on at the expense of elementary theory: economic knowledge in too large proportions can sometimes be a dangerous thing. The wider economic context receives too little attention as well as the dangers posed by political pressures. Superficially trivial distinctions between policy proposals may be economically significant, while economically irrelevant distinctions may be politically important. The author illustrates with some disastrous government auctions, but also shows the value of economic theory. |
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