Rediscovering Economic Policy as a Discipline

A leading expert on economic policy makes the convincing case for the foundation, coordination and reach of government action through economic policy.

Nicola Acocella (Author)

9781108470490, Cambridge University Press

Hardback, published 26 July 2018

422 pages
23.5 x 15.8 x 2.3 cm, 0.79 kg

'This book gives a clear discussion of the history and future of the discipline of economic policy, presenting a large amount of literature in a way which is accessible. It gives indispensable accounts of the history of the discipline of economic policy across different countries and its relation to national traditions in economics and (theoretical and practical) politics. The author makes you think over the related issues and question your own presuppositions, which is a major characteristic trait of a good scientific book. Considering recent economic problems, which are partly the long-term consequences of the financial crisis, alongside the results of other policy failures, it is of utmost importance to provide serious material about economic policy, and this is just what this text does.' Reinhard Neck, Alpen-Adria-Universität Klagenfurt, Austria

Government interventions in market failures can encounter objections from those who doubt their efficacy. Acocella, a leading expert on economic policy, counters these unfounded criticisms, making the convincing case for the foundation, coordination and reach of government action through economic policy. Arguing for the governmental potential to devise democratic, fair and effective institutions and policies, this book also demonstrates the validity of the principles outlined by Frisch and Tinbergen, amongst others, for controlling the economy, in a strategic context, equivalent to the rational expectations assumption. Demonstrating how unconventional monetary policies (such as macro-prudential regulation, new fiscal rules, and new forms of international policy coordination) can offer an effective response to the multiplicity of current economic issues, the recent financial crisis arguably indicates that economic policy must once again take centre stage as the applied complement to mainstream economic theory.

Part I. Economic Policy as a Discipline
Part II. Economic Policy in the Present Tense.

Subject Areas: Banking [KFFK], Political economy [KCP], Macroeconomics [KCB], Economics [KC]