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Managing the Mixed Economy

In: Alvin Hansen

Author

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  • Robert J. Bigg

Abstract

If the interwar period had shown that laissez-faire and the market economy required a helping hand, then the experience of the Second World War not only radically increased the size of the state but showed that it was possible for the state and private enterprise to work in partnership. Rather than the “boondoggling” of some of the New Deal, there was a firm theoretical foundation to a suitable stabilisation. A dynamic mixed economy could be successfully managed through an adaptive and agile set of federal economic policies, led by fiscal policy with supportive monetary, state and local government policies, all set in a new international framework of cooperation and development. That required not only better information but also new priorities and a new role for political economy. The strands of Hansen’s thought on the mature economy, the cycle, growth and a better society could be combined through public policy.

Suggested Citation

  • Robert J. Bigg, 2023. "Managing the Mixed Economy," Great Thinkers in Economics, in: Alvin Hansen, pages 321-356, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-3-031-42216-4_13
    DOI: 10.1007/978-3-031-42216-4_13
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