Constitutional Constraints and the Market for Policy Advice

Abstract

"There is no such thing as the market but rather nexus of exchange as circumscribed by certain rules. The patterns we observe as characteristics of varied markets are in turn dependant on the presence or absence of various static and dynamic rule properties. This basic insight of Constitutional Political Economy extends here to consider the market for economic theory and public policy. Traditionally interpreted, policy action rests on advice developed scientifically from economic theory. However, the possibility exists for the invocation of economic arguments and the selection of policy among alternatives offered which suit political imperatives. In turn an inquiry into whether economic science drives policy or if political imperatives select from rationalizing theories and theoretical frameworks would depend on how the market for public policy is structured."