AGRICULTURAL POLICY: It Is Not Necessarily The Best of All Possible Worlds

The conventional view that economists play an important role in the public policy process is contrasted with "Chicago political economy." This strand of the Chicago School of Economics argues that government programs that survive in the political process are superior to available alternati...

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Bibliographic Details
Published inChoices Vol. 7; no. 2
Main Author Pasour, E.C., Jr
Format Journal Article
LanguageEnglish
Published 1992
Edition316
Subjects
Agricultural and Food Policy
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Summary:The conventional view that economists play an important role in the public policy process is contrasted with "Chicago political economy." This strand of the Chicago School of Economics argues that government programs that survive in the political process are superior to available alternatives. In contrast, it is shown here that a farm program may persist not because it is broadly beneficial but rather because information and incentive problems in the political process lead to perverse results. The conclusion is that agricultural economists can make an important contribution to public policy.
DOI:10.22004/ag.econ.131621