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Journal of Economic Perspectives: Vol. 24 No. 3 (Summer 2010)
JEP Volume. 24, Issue 3 | 
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Theory, General Equilibrium, and Political Economy in Development Economics
Article Citation
Acemoglu, Daron. 2010. "Theory, General Equilibrium, and Political Economy in Development Economics."
Journal of Economic Perspectives,
24(3): 17-32.
DOI: 10.1257/jep.24.3.17
DOI: 10.1257/jep.24.3.17
Abstract
I discuss the role of economic theory in empirical work in development economics with special emphasis on general equilibrium and political economy considerations. I argue that economic theory plays (should play) a central role in formulating models, estimates of which can be used for counterfactual and policy analysis. I discuss why counterfactual analysis based on microdata that ignores general equilibrium and political economy issues may lead to misleading conclusions. I illustrate the main arguments using examples from recent work in development economics and political economy.
Article Full-Text Access
Full-text Article (Complimentary)
Additional Materials
Online Appendix (1.61 MB)
Authors
Acemoglu, Daron (MIT)
JEL Classifications
D50: General Equilibrium and Disequilibrium: General
O10: Economic Development: General
P00: Economic Systems: General
O10: Economic Development: General
P00: Economic Systems: General
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