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How is the political process affected by economic change? How is the making of economic policy influenced by political consideations? Progress in econometrics and a new recognition of the enhanced role of government in the functioning of market systems now make it possible to address these basic questions. In this book ten international scholars examine the complex between the economy and the polity from a scientific rather than an ideological point of view. In so doing, they present an overview of the exciting new work now being done, the main ideas and controversies now prevalent, and the new approaches to the study of political economy now being pursued.
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THE POLITICAL PROCESS AND ECONOMIC CHANGE AUTHORS BRUNO S. FREY WILLIAM R. KEECH DONALD R. KINDER MAURICE D. WALTER R. JR. KRISTEN R. MONROE MARTIN R. ROBERT RUSSELL CARL P. SIMON M. STEPHEN WEATHERFORD THE Political Process AND Economic Change KRISTEN R. MONROE, EDITOR A G A T H O N PRESS, I N C . New 1983 Agathon Press Press is an imprint of P U BLIS HIN G 222 Riverside Drive. All rights reserved. No portion of this book may be reproduced by any process, stored in a retrieval system, or transmitted in any form, or by any means, without the express written permission of the publisher. LIBRARY OF CONGRESS CATALOGING IN PUBLICATION DATA Main entry under title: The political process and economic change. Includes bibliographies and index. Contents: Introduction: The development of political Monroe-Politics, economics, and the underground Frey-The political Paldam-(etc.) dimensions of wage 1. Economics-Addresses, essays, lectures. 2. Political science-Addresses, essays, lectures. 3. Economic policy-Addresses, essays, lectures. 1983 338.9 83- 1 1866 ISBN 0-87586-063-X ISBN 0-87586-062-1 Printed in Contents Foreword ix 1. Introduction: The Development of Political Economy Kristen R . Monroe 1 2. Politics, Economics, and the Underground Economy Bruno S. 17 3. The Political Dimensions of Wage Dynamics Martin 43 4. Inflation, Unemployment, and Electoral Terms: When Can Reform of Political Institutions Improve Macroeconomic Policy? William R . Keech and Carl P. Simon 77 5. Can Income Policies Work? R. Robert Russell 6. Politics and Economics in Everyday Life Donald R . Kinder and Walter R . Jr. 108 141 7. Parties and Classes in the Political Response to Economic Conditions M . Stephen Weatherford 181 8. Economic Expectations, Economic Uncertainty, and Presidential Popularity Kristen R . Monroe and Maurice D . Index 214 233 The Authors BRUNO S. FREY is Professor of Economics and Director of the Institute for Empirical Economic Research at the University of Zurich. His visiting appointments have included Nuffield College, Oxford, The Institute for International Economic Studies at the University of Stockholm and, recently, All Souls College, Oxford. With main research interest in the economics of nonmarket issues, Professor Frey has been a pioneer in developing the economic theory of politics. His publications include more than one hundred journal articles and three books: Umweltokonomie, Modern Political Economy, and Democratic Economic Policy. WILLIAM R. KEECH is Professor of Political Science at the University of North Carolina at Chapel Hill. His main research interests concern the theory and practice of representative government and the politics of macroeconomic policy. In addition to many articles, he is the author of The Impact of Negro Voting: The Role of the Vote in the Quest for Equality and coauthor, with Donald R. Matthews, of The Party’s Choice. DONALD R. KINDER is Associate Prof