1st Edition

Economic Policy and the History of Economic Thought

Edited By Stavros Drakopoulos, Ioannis Katselidis Copyright 2023
    284 Pages 3 B/W Illustrations
    by Routledge

    This book discusses key issues in economic policy in the context of the history of economic thought.

    Most of the current and past academic controversies in economics are, explicitly or implicitly, centred around the application and form of economic policy. This is particularly evident in the post-WWII period, with the appearance of economic policy as a distinguishable subfield, but important elements of various economic policy issues can be found throughout the history of economic thought. This book discusses various topics in economic policy – such as questions over state spending and taxation, income redistribution, and the role of money – with each chapter focusing on a particular period or major school of economic thought ranging from the ‘prehistory’ of economics up to the present day. Specific chapters of the volume cover the main schools of economic thought from different national and theoretical traditions, incorporating mercantilism, the Physiocratic School, the German Historical School, Marxism, the Austrian School, institutional economics, Keynesian economics, behavioural economics and more.

    This book will be of great interest to readers of the history of economic policy as well as the history of economic thought, macroeconomics and economic history more broadly.

    1. Introduction

    Stavros A. Drakopoulos and Ioannis Katselidis

    2. Economic Policy in the Prehistory of Economics: A Comparative Framework

    George Gotsis

    3. Mercantilism: A Project for Development

    Cosimo Perrotta

    4. Physiocracy and Fiscal Reform: The Chimera of the Impôt Unique

    Simona Pisanelli

    5. Post-Smithian Views on Poverty and Poor Relief

    Cosma Orsi

    6. Karl Marx: A Critical View on Economic Policy

    Charalampos Konstantinidis and Andriana Vlachou

    7. Economic Policy in Marginalist and Early Neoclassical Economics 1971 – 1920s

    Michel S. Zouboulakis

    8. The German Historical School on Economic Policy

    Harald Hagemann

    9. The Old Institutional School and Labour Market Functions and Policies

    Stavros Drakopoulos and Ioannis Katselidis

    10. Austrian Economics and Economic Policy

    Peter T. Leeson and Louis Rouanet

    11. Keynes on Theorising for Policy

    Sheila Dow

    12. The Unfinished Revolution in Policy: The Visionary Legacy of Lord Keynes

    Atsushi Komine

    13. Post-War Heterodox Approaches and Economic Policy

    Robert McMaster

    14. Policy Challenges, Ideologies, and the Evolution of Behavioural Economics

    Peter E. Earl

    15. Fiscal Policy after the Crisis: What is the Role of Fiscal Policy in Times of Crisis, Low-Interest Rates and High Public Debts?

    Arne Heise


    Stavros Drakopoulos obtained a B.A. in economics from the Athens University of Economics and Business, and an M.Sc and a Ph.D in economics from the University of Stirling, UK. Having served academic appointments at the Universities of Glasgow and Aberdeen, he is currently Professor of Economics in the Department of Philosophy and History of Science of the National and Kapodistrian University of Athens, Greece. His research interests include Economic Methodology and History of Economic Thought, Labour Economics, Health Economics and the Economics of Subjective Well-Being. He has 51 publications in refereed journals, 5 books, and 15 chapters in edited books.

    Ioannis Katselidis obtained a B.A. from the University of Piraeus, an M.Sc. from the University of Birmingham, and an M.Sc. and a PhD from the Athens University of Economics and Business. He has been an Adjunct Lecturer at the Athens University of Economics and Business, the National and Kapodistrian University of Athens and the Hellenic Naval Academy, among others. He was also a Research Fellow at the Center of Planning and Economic Research (KEPE). In addition, he has published scientific papers in various refereed journals, and he has also participated in many Greek and international academic conferences. His research interests include History and Philosophy of Economic Analysis and Labour Economics and Policy.