The Need For State In The Economy-Epistemological Approach

Anca-Ştefania Sava ()
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Anca-Ştefania Sava: University of Iaşi, Romania

Annals of the University of Petrosani, Economics, 2010, vol. 10, issue 3, 291-300

Abstract: 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.

Keywords: Welfare-state; the minimal state; Keynesianism; macroeconomic policy; School of economic thought; classicism; monetarism (search for similar items in EconPapers)
JEL-codes: B10 B12 B52 E12 E61 H10 I38 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pet:annals:v:10:y:2010:i:3:p:291-300

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