Some Lessons from Transaction-Cost Politics for Less-Developed Countries

@inproceedings{Dixit2003SomeLF,
  title={Some Lessons from Transaction-Cost Politics for Less-Developed Countries},
  author={Avinash Dixit},
  year={2003}
}
Transaction-cost politics views economic policymaking as a political process constrained by asymmetric information and limited commitment possibilities. This paper examines some implications of this perspective for less-developed countries considering policy reform. It emphasizes that success requires reform of the rules and institutions which govern the strategic interaction of the participants in the political game, and that reforms must cope with the special interests and asymmetric… CONTINUE READING
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