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Changing Perspectives in the Theory of Economic Policy

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  • Panagiotis Korliras

Abstract

The evolution of the theory of economic policy during the second half of the XX century is analysed. Three periods of its development are outlined. The first is immediately after the World War II and is called "the age of optimism" - age of belief in the advantages of state interference in the economy and growing roles and functions of governments. The second (1960s - 1970s) is the "age of doubt" -years of serious reflection on the potentials of the economic policy based on the latest development of macroeconomics and the diminishing role of the state in the economy. The third stage, which covers the last twenty years of the XX century, is studied in detail. A new trend in the theory of economic policy has emerged, which is related to the development of the New political economy.

Suggested Citation

  • Panagiotis Korliras, 2005. "Changing Perspectives in the Theory of Economic Policy," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 24-36.
    • Handle: RePEc:bas:econth:y:2005:i:5:p:24-36
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    References listed on IDEAS

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    1. Sargent, Thomas J. & Wallace, Neil, 1976. "Rational expectations and the theory of economic policy," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 169-183, April.
    2. Stanley Fischer, 1980. "Rational Expectations and Economic Policy," NBER Books, National Bureau of Economic Research, Inc, number fisc80-1.
    3. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
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    More about this item

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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