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  • Trade and Sustainable Development: Non-Economic Objectives in the Theory of Economic Policy

  • Joseph F. François, Bernard Hoekman, Douglas R. Nelson
  • Journal:
    World Trade Review / Volume 22 / Issue 3-4 / October 2023
    Published online by Cambridge University Press:
    05 September 2023, pp. 463-473
    Print publication:
    October 2023
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  • While the theory of economic policy offers a potential framework for thinking about the joint pursuit of economic objectives (EOs) and non-economic objectives (NEOs), over time the theory of economic policy was formalized in a way that considers NEOs as constraints that are given, rather than as goals that may themselves be endogenous alongside EOs. We examine the analytical treatment of NEOs as co-determined with EOs, revisiting some of the ground broken by Alan Winters in his analysis of NEOs. We review the place of NEOs in the theory of economic policy, discuss current practice in the representation of such objectives as exogenous constraints, and develop an argument for representation of NEOs as objectives in themselves.