Economic Policy and the History of Economic Thought PDF
Preview Economic Policy and the History of Economic Thought
Economic Policy and the History of Economic Thought 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 ap- pearance of economic policy as a distinguishable subfield, but important elements of various economic policy issues can be found throughout the his- tory of economic thought. This book discusses various topics in economic policy – such as questions over state spending and taxation, income redistri- bution, 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 eco- nomic history more broadly. Stavros Drakopoulos obtained a BA in economics from the Athens Uni- versity of Economics and Business, and an MSc and a PhD in economics from the University of Stirling, UK. Having served academic appointments at the Universities of Glasgow and Aberdeen, he is currently Professor of Econom- ics in the Department of Philosophy and History of Science of the National and Kapodistrian University of Athens, Greece. His research interests in- clude Economic Methodology and History of Economic Thought, Labour Economics, Health Economics and the Economics of Subjective Well-Being. He has 52 publications in refereed journals, 5 books, and 15 chapters in edited books. Ioannis Katselidis obtained a BA from the University of Piraeus, an MSc from the University of Birmingham, and an MSc and a PhD from the Athens University of Economics and Business. He has been an Adjunct Lecturer at the Athens University of Economics and Business, the National and Kapodis- trian University of Athens and the Hellenic Naval Academy, among others. He was also a Research Fellow at the Center of Planning and Economic Re- search (KEPE). In addition, he has published scientific papers in various ref- ereed journals, and he has also participated in many Greek and international academic conferences. His research interests include History and Philosophy of Economic Analysis and Labour Economics and Policy. Routledge Studies in the History of Economics Metaphors in the History of Economic Thought Crises, Business Cycles and Equilibrium Edited by Roberto Baranzini and Daniele Besomi Liberalism and the Philosophy of Economics Tsutomu Hashimoto An Economic Philosophy of Production, Work and Consumption A Transhistorical Framework Rodney Edvinsson The Early History of Economics in the United States The Influence of the German Historical School of Economics on Teaching and Theory Birsen Filip Economic Methodology, History and Pluralism Expanding Economic Thought to Meet Contemporary Challenges Edited by Ioana Negru and Penelope Hawkins Monetary Economics, Banking and Policy Expanding Economic Thought to Meet Contemporary Challenges Edited by Penelope Hawkins and Ioana Negru Modern Japanese Economic Thought An Intellectual History to 1950 Kiichiro Yagi Economic Policy and the History of Economic Thought Edited by Stavros Drakopoulos and Ioannis Katselidis For more information about this series, please visit: www.routledge.com/ series/SE0341 Economic Policy and the History of Economic Thought Edited by Stavros Drakopoulos and Ioannis Katselidis First published 2023 by Routledge 4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN and by Routledge 605 Third Avenue, New York, NY 10158 Routledge is an imprint of the Taylor & Francis Group, an informa business © 2023 selection and editorial matter, Stavros Drakopoulos and Ioannis Katselidis; individual chapters, the contributors The right of Stavros Drakopoulos and Ioannis Katselidis to be identified as the authors of the editorial material, and of the authors for their individual chapters, has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library ISBN: 978-1-032-13196-2 (hbk) ISBN: 978-1-032-13197-9 (pbk) ISBN: 978-1-003-22809-7 (ebk) DOI: 10.4324/9781003228097 Typeset in Bembo by codeMantra Contents List of contributors ix 1 Introduction 1 STAVROS DRAKOPOULOS AND IOANNIS KATSELIDIS 2 Economic Policy in the Prehistory of Economics: A Comparative Framework 13 GEORGE GOTSIS 3 Mercantilism: A Project for Development 34 COSIMO PERROTTA 4 Physiocracy and Fiscal Reform: The Chimera of the Impôt Unique 53 SIMONA PISANELLI 5 Post-Smithian Views on Poverty and Poor Relief 69 COSMA ORSI 6 Karl Marx: A Critical View on Economic Policy 89 CHARALAMPOS KONSTANTINIDIS AND ANDRIANA VLACHOU 7 Economic Policy in Marginalist and Early Neoclassical Economics 1871–1920s 109 MICHEL S. ZOUBOULAKIS viii Contents 8 The German Historical School on Economic Policy 123 HARALD HAGEMANN 9 The Old Institutional School and Labour Market Functions and Policies 141 STAVROS DRAKOPOULOS AND IOANNIS KATSELIDIS 10 Austrian Economics and Economic Policy 159 PETER T. LEESON AND LOUIS ROUANET 11 Keynes on Theorising for Policy 173 SHEILA DOW 12 The Unfinished Revolution in Policy: The Visionary Legacy of Lord Keynes 189 ATSUSHI KOMINE 13 Post-War Heterodox Approaches and Economic Policy 206 ROBERT McMASTER 14 Policy Challenges, Ideologies, and the Evolution of Behavioural Economics 224 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? 245 ARNE HEISE Name Index 265 Subject Index 269 Contributors Sheila Dow’s research focuses on the methodology and history of econom- ics, money and banking, regional finance and macroeconomics. In addi- tion to her academic career, she has worked as an economist and served as an adviser in the government sector. Her recent books include Foundations for New Economic Thinking (2012), and The General Theory and Keynes for the 21st Century and Money, Method and Post-Keynesian Economics for the 21st Century (both co-edited with J. Jespersen and G. Tily, 2018). Stavros Drakopoulos obtained a BA in economics from the Athens Uni- versity of Economics and Business, and an MSc and a PhD in economics from the University of Stirling, UK. Having served academic appoint- ments at the Universities of Glasgow and Aberdeen, he is currently Profes- sor of Economics in the Department of Philosophy and History of Science of the National and Kapodistrian University of Athens, Greece. His research interests include Economic Methodology and History of Eco- nomic Thought, Labour Economics, Health Economics and the Econom- ics of Subjective Well-Being. He has 52 publications in refereed journals, 5 books, and 15 chapters in edited books. Peter E. Earl (MA, PhD, Cambridge) is an honorary associate professor in the School of Economics at the University of Queensland, Australia, where he worked from 2001 until his retirement in 2020. He has been a behavioural economist since the late 1970s and is a past co-editor of the Journal of Economic Psychology. His latest book is Principles of Behavioral Eco- nomics: Bringing Together Old, New and Evolutionary Approaches (Cambridge University Press, 2022). George Gotsis is Professor of Philosophy and History of Economics at the Department of History and Philosophy of Science, National and Kapodis- trian University of Athens (NKUA), Greece. He holds two PhD degrees in Political Science from Panteion University and in Economics from NKUA, respectively. His main research interests comprise, among oth- ers, History of Economic Ideas, Religion in Business and Faith at Work, Entrepreneurship and Religion, and Intercultural Business Ethics. He has
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