Abstract
Studies are surveyed analyzing the mutual interaction of economy and polity in an empirically testable way. A wide variety of assumptions are made concerning the behaviour of economic and political decision-makers–in particular voters and government, as well as the economic and political sectors. Representative models are discussed considering steady state equilibria and political business cycles, and empirical results are presented for the U.S., the U.K. and Germany. Finally, the potential and prospects of politico–economic modelling are discussed.
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