How economics became an interventionist science (and how it ceased to be)

Rafael Galvão De Almeida

No 612, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: The relationship between economics and State has been intimate ever since classical political economy. However, perceptions about the role and size of the State have changed according to the epoch. In other words, economic theory assigned a bigger or a smaller role to the State depending on the political situation. This article analyses the change in economists and economic theory’s perception of the role of the State in the economy, from favoring an interventionist approach from the 1930s to the 1960s, and a liberal approach from 1970s, in order to understand the factors behind this change.

Keywords: theory of economic policy; economic planning; liberalism; neoliberalism (search for similar items in EconPapers)
Pages: 23 pages
Date: 2019-09
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-pke
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