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The Current Status of Economic Policy as a Discipline

Author

Listed:
  • Acocella, Nicola

    (Memotef, Sapienza University, Rome, Italy)

Abstract
This paper deals with the strategic theory of economic policy, which has revived the traditional theory of economic policy, while offering a number of new contributions. The importance of the new theory in so far as not only current policies, but also institutions should be underlined. It has important implications for the theory of institutions, both as far as the possibility that different institutions reach a unique equilibrium, multiple equilibria, or no equilibrium at all and because this impinges on choice of a democratic institutional setting within a country or at a world level. The theory of economic policy in a strategic setting has been of great help in the theoretical debate on policy effectiveness, leading to a critique of the current conviction of policy neutrality, which is skeptical on government intervention. Lo stato corrente della politica economica Questo lavoro tratta della teoria strategica della politica economica, che ha rilanciato la teoria classica della politica economica, offrendo al contempo una serie di nuovi contributi. Va sottolineata l’importanza della nuova teoria non solo per le misure di politica correnti da adottare nella realtà, ma anche per la teoria delle istituzioni. Infatti, istituzioni diverse possono raggiungere un equilibrio unico, equilibri multipli o nessun equilibrio, ciò che incide sulla scelta di un contesto istituzionale democratico all’interno di un paese o del mondo.

Suggested Citation

  • Acocella, Nicola, 2022. "The Current Status of Economic Policy as a Discipline," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 75(4), pages 391-406.
    • Handle: RePEc:ris:ecoint:0927
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    References listed on IDEAS

    as
    1. Svensson, Lars E O, 1997. "Optimal Inflation Targets, "Conservative" Central Banks, and Linear Inflation Contracts," American Economic Review, American Economic Association, vol. 87(1), pages 98-114, March.
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    4. Hughes Hallett, Andrew & Acocella, Nicola, 2018. "Stabilization And Commitment: Forward Guidance In Economies With Rational Expectations," Macroeconomic Dynamics, Cambridge University Press, vol. 22(1), pages 122-134, January.
    5. Brennan,Geoffrey & Buchanan,James M., 2006. "The Power to Tax," Cambridge Books, Cambridge University Press, number 9780521027922, September.
    6. Francis M. Bator, 1958. "The Anatomy of Market Failure," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 72(3), pages 351-379.
    7. Matías Vernengo, 2020. "Book review: Nicola Acocella, Rediscovering Economic Policy as a Discipline (Cambridge University Press, Cambridge, UK 2018) 424 pp," Review of Keynesian Economics, Edward Elgar Publishing, vol. 8(3), pages 467-468, July.
    8. Wagner, Alfred, 1891. "Marshall's Principles of Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 5, pages 319-338.
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    More about this item

    Keywords

    Economic Policy; Expectations; Institutions; Social Choice; Strategic Games;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government

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