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Rise and decline of economic policy as an autonomous discipline: a critical survey

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  • Nicola Acocella

    (Department of Methods and Models for Economics, Territory and Finance MEMOTEF, Sapienza University of Rome (Italy))

Abstract

After Smith’s statement of the market virtues the process of gestation of economic policy as a consistent set of rules for public agenda has been rather slow. Until not so long ago economic policy as a discipline was confined to prescribing practical rules intended to explain technical procedures of government intervention. Economic policy as a coherent and to some extent autonomous discipline emerged in the late 1950s in Scandinavian countries, the Netherlands and Italy, when solid foundations indicating market failures and a theory about conditions for policy effectiveness and design had been developed. This paper intends to explain the reasons for its emergence, the circumstances which helped it to be taught in many Scandinavian, Dutch and Italian universities and a few other European ones, the reasons for its apparent setback and some factors that could facilitate its diffusion in the next years.

Suggested Citation

  • Nicola Acocella, "undated". "Rise and decline of economic policy as an autonomous discipline: a critical survey," Working Papers 123/14, Sapienza University of Rome, Metodi e Modelli per l'Economia, il Territorio e la Finanza MEMOTEF.
    • Handle: RePEc:rsq:wpaper:23/14
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    File URL: https://web.uniroma1.it/memotef/sites/default/files/wpapers/documenti/FullTextWP123.pdf
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    References listed on IDEAS

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    6. Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58, pages 328-328.
    7. Michael Parkin & Robin Bade, 1978. "Central Bank Laws and Monetary Policies: A Preliminary Investigation," University of Western Ontario, Departmental Research Report Series 7804, University of Western Ontario, Department of Economics.
    8. K. J. Arrow & A. K. Sen & K. Suzumura (ed.), 2002. "Handbook of Social Choice and Welfare," Handbook of Social Choice and Welfare, Elsevier, edition 1, volume 1, number 1.
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    Cited by:

    1. Donato Masciandaro, 2018. "Central Banking and Macroeconomic Ideas: Economics, Politics and History," BAFFI CAREFIN Working Papers 1858, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.

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    More about this item

    Keywords

    Economic policy; welfare economics; theory of economic policy; history of economic thought;
    All these keywords.

    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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