Policymaking and the African Renaissance

Abstract

Political economy analysis relies heavily on rationally justifiable assertions that lend themselves to logical proof. Why are major economic prescriptions rooted in classical physics expected to deliver outcomes that recognize the differing situations and challenges of the actors in our political and socioeconomic systems? This chapter questions why orthodox economists distort theory and logic to defend mainstream, neoclassical approach to economic analysis. Due to the pitfalls of conventional neoclassical doctrines, depicting the evolutionary behavior of economies with static models is a difficult exercise. The potency of pragmatism in relation to the connections between economic science, philosophy, and normative economics in making sense of the public policy development process is acknowledged. To break the shackles of poverty and address disturbing patterns of poverty, conflicts, and income inequality, policy innovations and reforms across the fabrics of Africa's political economy institutions are key.