Technocracy, decision making and economic policy in Colombia

Resumen

This chapter explains the strong theoretical and practical connection of policy analysis to economic analysis, making economic policy an important element of any comprehensive country study of policy. It highlights how economic technocracy played a crucial role in building the capacity for policy analysis in the realm of economic policy by using several concrete examples of economic policy decisions informed by analysis. It also defines institutional willingness for economic change, as the capacity of public agencies responsible for the design and execution of economic policy adjust and reform the rules and the organizations responsible for economic management. The chapter discusses decision making in several key moments of the recent economic history of Colombia in the context of institutional flexibility and the presence of technocracy. It discusses the Latin American debt crisis of the 1980s, which challenged the creativity of policy makers given the international and political restrictions.