The Current Status of Economic Policy as a Discipline

Nicola Acocella ()

Economia Internazionale / International Economics, 2022, vol. 75, issue 4, 391-406

Abstract: This paper deals with the strategic theory of economic policy, which has revived the traditional theory of economic policy, while offering a number of new contributions. The importance of the new theory in so far as not only current policies, but also institutions should be underlined. It has important implications for the theory of institutions, both as far as the possibility that different institutions reach a unique equilibrium, multiple equilibria, or no equilibrium at all and because this impinges on choice of a democratic institutional setting within a country or at a world level. The theory of economic policy in a strategic setting has been of great help in the theoretical debate on policy effectiveness, leading to a critique of the current conviction of policy neutrality, which is skeptical on government intervention. Lo stato corrente della politica economica Questo lavoro tratta della teoria strategica della politica economica, che ha rilanciato la teoria classica della politica economica, offrendo al contempo una serie di nuovi contributi. Va sottolineata l’importanza della nuova teoria non solo per le misure di politica correnti da adottare nella realtà, ma anche per la teoria delle istituzioni. Infatti, istituzioni diverse possono raggiungere un equilibrio unico, equilibri multipli o nessun equilibrio, ciò che incide sulla scelta di un contesto istituzionale democratico all’interno di un paese o del mondo.

Keywords: Economic Policy; Expectations; Institutions; Social Choice; Strategic Games (search for similar items in EconPapers)
JEL-codes: C72 D02 D71 D84 E52 E62 H11 (search for similar items in EconPapers)
Date: 2022
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