Macroeconomic Policy Analysis

Stuart Sayer

Research output: Contribution to journalArticlepeer-review


Much of the mainstream literature on macroeconomic policy proceeds by making assertions about the relative efficiency of governments and markets. All too often coordination is assumed to be performed by some mythical deus ex machina, such as the Walrasian auctioneer or a benevolent and more or less omniscient government. The limitations of this approach and the sterile debate to which it gives rise are illustrated and examined in sections 2 and 3. To overcome this problem the relative efficiency of alternative government and non-government allocation and coordination mechanisms need to be analysed explicitly. Section 4 provides a simple illustrative sketch of this approach.
Original languageEnglish
Pages (from-to)290-308
Number of pages19
Issue number3
Publication statusPublished - Oct 1995


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