|Peter Boettke|
I have often argued that comparative systems analysis will advance only when the birds-eye perspective on "growth" is replaced with a more ground-level analysis of the actual operation of political/legal, cultural/social, and economics/financial mechanisms. What I have termed "the political economy of everyday life" and it was the academic vision behind various projects at the Mercatus Center over the past decade with various degrees of success.
But, there is no denying that several economists are delving deep into the ground-level analysis of economic processes throughout the developing world. Duflo and Easterly in their respective manner are not content to focus on macroeconomic indicators, but instead argued for a more microeconomic understanding.
Tim Besley reviews 3 recent books that try to uncover the economic conditions and decision making of the poor throughout the less developed world. It is self-recommending, but I'd like to point to Besley's effort to put the political back into the political economy of everyday life whereas the works he is studying are almost devoid of any analysis of how the political/legal environment impacts the choices of the individuals being studied.
HT: David Skarbek
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