This book discusses key issues in economic policy in the context of the history of economic thought.

Most of the current and past academic controversies in economics are, explicitly or implicitly, centred around the application and form of economic policy. This is particularly evident in the post-WWII period, with the appearance of economic policy as a distinguishable subfield, but important elements of various economic policy issues can be found throughout the history of economic thought. This book discusses various topics in economic policy – such as questions over state spending and taxation, income redistribution, and the role of money – with each chapter focusing on a particular period or major school of economic thought ranging from the ‘prehistory’ of economics up to the present day. Specific chapters of the volume cover the main schools of economic thought from different national and theoretical traditions, incorporating mercantilism, the Physiocratic School, the German Historical School, Marxism, the Austrian School, institutional economics, Keynesian economics, behavioural economics and more.

This book will be of great interest to readers of the history of economic policy as well as the history of economic thought, macroeconomics and economic history more broadly.

Table of Contents

1. Introduction

Stavros A. Drakopoulos and Ioannis Katselidis

2. Economic Policy in the Prehistory of Economics: A Comparative Framework

George Gotsis

3. Mercantilism: A Project for Development

Cosimo Perrotta

4. Physiocracy and Fiscal Reform: The Chimera of the Impôt Unique

Simona Pisanelli

5. Post-Smithian Views on Poverty and Poor Relief

Cosma Orsi

6. Karl Marx: A Critical View on Economic Policy

Charalampos Konstantinidis and Andriana Vlachou

7. Economic Policy in Marginalist and Early Neoclassical Economics 1971 – 1920s

Michel S. Zouboulakis

8. The German Historical School on Economic Policy

Harald Hagemann

9. The Old Institutional School and Labour Market Functions and Policies

Stavros Drakopoulos and Ioannis Katselidis

10. Austrian Economics and Economic Policy

Peter T. Leeson and Louis Rouanet

11. Keynes on Theorising for Policy

Sheila Dow

12. The Unfinished Revolution in Policy: The Visionary Legacy of Lord Keynes

Atsushi Komine

13. Post-War Heterodox Approaches and Economic Policy

Robert McMaster

14. Policy Challenges, Ideologies, and the Evolution of Behavioural Economics

Peter E. Earl

15. Fiscal Policy after the Crisis: What is the Role of Fiscal Policy in Times of Crisis, Low-Interest Rates and High Public Debts?

Arne Heise

 

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