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The Need For State In The Economy-Epistemological Approach


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  • Anca-Ştefania Sava

    (University of Iaşi, Romania)

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    The aim of this paper is to discuss the need for state in the economy, in an epistemological viewpoint. It presents in a critical manner the ideas on the state of the mercantilism and physiocracy representatives, of the classical and Keynesian economists and of the so-called current „the new liberal orthodoxy”. It is noticed that the need for a minimal state, as a condition of proper functioning of the society, has been justified even by those who have criticized it (classical liberals), being recognized that a society can not be conceived anarchic and utopian. If during ’29-’33s, the philosophy of laisser-faire was replaced by the Keynesian doctrine, and ’70s have placed the welfare state in a crisis of legitimacy, starting from 2008 we can talk of a resurgence of the Keynesian paradigm, according to which government intervention is seen as a way to stimulate the economic recovery.

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    Bibliographic Info

    Article provided by University of Petrosani, Romania in its journal Annals of the University of Petrosani - Economics.

    Volume (Year): 10 (2010)
    Issue (Month): 3 ()
    Pages: 291-300

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    Handle: RePEc:pet:annals:v:10:y:2010:i:3:p:291-300

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    Related research

    Keywords: Welfare-state; the minimal state; Keynesianism; macroeconomic policy; School of economic thought; classicism; monetarism;

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