Economic ideology

Economic Ideology

Economic ideology

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<noinclude>An economic ideology distinguishes itself from economic theory in being normative rather than just explanatory in its approach. It expresses a perspective on the way an economy should be run and to what end, whereas the aim of economic theories is to create accurate explanatory models. However the two are closely interrelated.

A good way of discerning whether an ideology can be classified an economic ideology is to query if it inherently takes a specific and detailed economic standpoint. For instance, Anarchism cannot be said to be an economic ideology as such, because it has amongst others Anarcho-capitalism on the one hand and Anarcho-communism on the other as subcategories thereof, which in turn can.

Furthermore, economic ideology is distinct from an economic system that it supports, such as a capitalist ideology, to the extent that explaining an economic system (positive economics) is distinct from advocating it (normative economics).Kurt Klappholz, 1987. "ideology," The New Palgrave: A Dictionary of Economics, v. 2, p. 716. The theory of economic ideology explains its occurrence, evolution, and relation to an economy• Roland Bénabou, 2008. "Ideology," Journal of the European Economic Association, 6(2-3), pp. (press +).<br>&nbsp;&nbsp;&nbsp;• Joseph P. Kalt and Mark A. Zupan, 1984. "Capture and Ideology in the Economic Theory of Politics," American Economic Review,...
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