Market Constellation Research : A Modern Governance Approach to Macroeconomic Policy

The objective of this reader is manifold: On the one hand, it intends to establish a new perspective at the policy level named 'market constellations': institutionally embedded systems of macroeconomic governance which are able to explain differences in growth and employment developments. At the polity level, the question raised is whether or not market constellations can be governed and, thus, whether institutions can be created which will provide the incentives necessary for favourable market constellations. Finally, at the politics level, the immediate question is whether (distributional) vested interests can be bared in order to explain the motivations to create certain market constellations. A promising approach to tackle this task needs to take into account different cultural backgrounds and must provide political transmission mechanisms for turning vested interests into policy.