Reforms are too important to be left to reformers

a column by Nauro Campos, Paul De Grauwe and Yuemei Ji for VOX: CEPR’s Policy Portal

The tragedy of structural reforms is that they have been captured by policymakers.

This column argues that the incessant repetition of the ‘must-reform’ mantra as a solution to the crisis has discouraged academic economists from embracing it as the important research topic it clearly is, and attempts to address the lack of adequate knowledge which makes the implementation of reforms more difficult and limits their effectiveness.

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