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What is the appropriate role of the state in economic policy-making? This paper shows that Friedrich Hayek, who is often considered a proponent of laissez-faire liberalism, offers three different answers to this problem. First, Hayek argues that the state should provide a legal framework for competitive markets. Second, he proposes to employ the rule of law criteria - generality, equality, and certainty - to distinguish permissible from non-permissible state interventions. Third, he rejects deliberate legislation and moves closer to the Misean idea of a minimal state. The paper considers these answers in light of Hayek's analysis of the knowledge problem. We suggest that a Hayekian approach to economic policy-making should focus on improving the framework of general rules that guide individual behavior, thereby enabling spontaneous ordering processes and reducing the epistemological burden placed on policy-makers.

The KDI Journal of Economic Policy (KDI JEP) is a professional journal published on a quarterly basis. The Journal publishes papers on the academic and policy issues related to the development of Korea's economy. The KDI Journal of Economic Policy welcomes innovative and insightful academic papers on all areas of economics with an emphasis on empirical analysis that contain solid policy implications. KDI JEP is published in English starting in 2015, volume 37 number 1. The Journal aims to disseminate research outcomes and policy recommendations not only to experts at academia and research institutes but also to policy-makers and the general public. First published in March 1979, the original objective was to circulate ongoing- and past researches conducted in KDI, a leading economic think-tank of South Korea. Starting in August, 2001, the Journal has accepted manuscripts from outside in order to provide the readers more diverse perspectives on Korea's policy initiatives. The Journal now actively seeks and welcomes submissions by researchers at home and from abroad who have genuine interests in the Korean economy.

This is the introductory article for a special issue edited by Irene van Staveren, Abena Oduro and Caren Grown. Abstract: Despite Africa's relatively commendable growth performance since 2000, growth has not been accompanied by structural transformations. First, there has been little diversification from agriculture into industry, particularly manufacturing. Second, the poverty headcount and inequality remain high in many countries, even as African countries continue to rank lowest on the United Nations Development Programme's Gender Inequality Index. This contribution goes beyond the individualistic approach of supply-side policies and unveils deeper mechanisms that need to be tackled for the two transformations (diversification and inequality reduction) to occur. It demonstrates that gender inequality relies on unwritten but dominant social norms, hence, informal institutions. The removal of formal legislation that constrains women's agency, the enactment of formal laws, and the implementation of economic policies designed specifically to create incentives for behavior change are recommended.

The Nordic Economic Policy Review is published by the Nordic Council of Ministers. This year's issue is part of the Danish presidency programme for the Nordic Council of Ministers in 2015. The review addresses policy issues in a way that is useful for in-formed non-specialists as well as for professional economists. All articles are commissioned from leading professional economists and are subject to peer review prior to publication. The review appears once a year. It is published electronically on the website of the Nordic Council of Ministers: www.norden.org/en. On that website, you can also order paper copies of the Review (enter the name of the Review in the search field, and you will find all the information you need).

To what extent does the policy of Tony Blair's government reflect the traditional aspirations of social democracy? In macroeconomic policy the emphasis has been on stability, an understandable response to recent UK economic history, but one which has left sterling dangerously overvalued for an extended period. The strongest policy emphasis has been on a battery of measures aimed at increasing the incentive to work. Paradoxically, for a government which has often treated redistribution as old-fashioned and inappropriate, the greatest impact of these measures has been to redistribute income towards low-income families which already have family members working. Effects on the labour supply appear to be modest, and a particular weakness has been the denial of a strong regional dimension to joblessness. The decision to stick with Conservative spending plans for the government's first two years brought a squeeze on the public services, and even the rapid growth in health and education spending planned for the next few years is predicated on very slow growth in social security spending rather than increased taxation. Labour's policies on training and on industrial relations imply greater responsibility for individuals and employers, rather than the state, and private sector solutions with regard to investment in and management of industry and services - even traditionally public services - are instinctively preferred.

The paper deals with the role of economic policy and the role of the state in economy on the backgroundof historic experience. It is particularly focused on the changing role of the state in the globalization processand the impact of recent globalization trends on economic and political decision-making.

This paper analyzes the opposition between the "liberals» and "statists» in the Russian political and economic thought. It demonstrates that the economic liberalization is an absolute prerequisite for the transition to sustainable socio-economic development. Such development must rely on investment activities of the state, which in the current circumstances is a necessary but not sufficient measure for reversing the negative trends. The negative developments can be prevented only through implementation, along with the institutional changes in the economic area that form a strata of economically independent entrepreneurs-innovators, of no less profound transformation in political institutions aimed at democratization of public life. © 2015 The Journal of Economic Theory.

This paper analyzes the opposition between the «liberals» and «statists» in the Russian political and economic thought. It demonstrates that the economic liberalization is an absolute prerequisite for the transition to sustainable socio-economic development. Such development must rely on investment activities of the state, which in the current circumstances is a necessary but not sufficient measure for reversing the negative trends. The negative developments can be prevented only through implementation, along with the institutional changes in the economic area that form a strata of economically independent entrepreneursinnovators, of no less profound transformation in political institutions aimed at democratization of public life.

Despite Africa's relatively commendable growth performance since 2000, growth has not been accompanied by structural transformations. First, there has been little diversification from agriculture into industry, particularly manufacturing. Second, the poverty headcount and inequality remain high in many countries, even as African countries continue to rank lowest on the United Nations Development Programme's Gender Inequality Index. This contribution goes beyond the individualistic approach of supply-side policies and unveils deeper mechanisms that need to be tackled for the two transformations (diversification and inequality reduction) to occur. It demonstrates that gender inequality relies on unwritten but dominant social norms, hence, informal institutions. The removal of formal legislation that constrains women's agency, the enactment of formal laws, and the implementation of economic policies designed specifically to create incentives for behavior change are recommended.

Arguably, one of the most important developments in the field of applied economics during the last decades has been the emergence of systematic policy evaluation, with its distinct focus on the establishment of causality.By contrast to the natural sciences, the objects of our scientific interest typically exert some influence on their treatment status under the policy to be evaluated and on their economic outcomes. Thus, economic policy advice can only be successful, if it is based on an appropriate study design, experimental or observational. It will strive in societies that provide liberal access to data, accept the merits of randomized assignment and guard the independence of research institutions.

Since 1970 the world economy has gone through a series of grave crises which have stimulated an intensive discussion about the economic and political relations between industrialized and developing countries. As seen from the Federal Republic of Germany, the witnessed events have not only an international dimension, but they focus attention again on one particular problem of national economic policy, the relationship of external economic policy and development policy, because the new strains on the international plane are in part reflected by this relationship.

This paper studies the connection between economic policy and electoral outcomes. In particular, it analyzes the impact of the conflict between the agro-manufacturing sector and the national government on the congressional elections for national deputies in the 134 municipalities of the province of Buenos Aires – a conflict which stemmed from the increase in taxation and the imposition of quantitative restrictions on the sector's production and exports. The municipalities differ greatly in their productive structures; therefore, a policy that is detrimental (beneficial) to a certain sector of activity may be expected to have a greater negative (positive) impact on the election results for the governing party in those municipalities where that sector is quantitatively important. The estimations show that the relative importance of the agro-manufacturing sector, controlling for economic, social and political variables, had a positive impact on the party in office in 2007 and a negative one in 2009. ; Facultad de Ciencias Económicas

Arguably, one of the most important developments in the field of applied economics during the last decades has been the emergence of systematic policy evaluation, with its distinct focus on the establishment of causality. By contrast to the natural sciences, the objects of our scientific interest typically exert some influence on their treatment status under the policy to be evaluated and on their economic outcomes. Thus, economic policy advice can only be successful, if it is based on an appropriate study design, experimental or observational. It will strive in societies that provide liberal access to data, accept the merits of randomized assignment and guard the independence of research institutions.

Reprint of the orginally published version in International Social Science Journal (UNESCO), Vol. 11, No.3, 1959, pp. 351-360. In French: La Planification de la Politique Economique, Revue Internationale des Sciences Sociales, 1998, pp. 383-392

This paper analyzes the opposition between the «liberals» and «statists» in the Russian political and economic thought. It demonstrates that the economic liberalization is an absolute prerequisite for the transition to sustainable socio-economic development. Such development must rely on investment activities of the state, which in the current circumstances is a necessary but not sufficient measure for reversing the negative trends. The negative developments can be prevented only through implementation, along with the institutional changes in the economic area that form a strata of economically independent entrepreneurs-innovators, of no less profound transformation in political institutions aimed at democratization of public life.