Table Of ContentEconomic Policy and the History
of Economic Thought
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 ap-
pearance of economic policy as a distinguishable subfield, but important
elements of various economic policy issues can be found throughout the his-
tory of economic thought. This book discusses various topics in economic
policy – such as questions over state spending and taxation, income redistri-
bution, 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 eco-
nomic history more broadly.
Stavros Drakopoulos obtained a BA in economics from the Athens Uni-
versity of Economics and Business, and an MSc and a PhD in economics from
the University of Stirling, UK. Having served academic appointments at the
Universities of Glasgow and Aberdeen, he is currently Professor of Econom-
ics in the Department of Philosophy and History of Science of the National
and Kapodistrian University of Athens, Greece. His research interests in-
clude Economic Methodology and History of Economic Thought, Labour
Economics, Health Economics and the Economics of Subjective Well-Being.
He has 52 publications in refereed journals, 5 books, and 15 chapters in edited
books.
Ioannis Katselidis obtained a BA from the University of Piraeus, an MSc
from the University of Birmingham, and an MSc 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 Kapodis-
trian University of Athens and the Hellenic Naval Academy, among others.
He was also a Research Fellow at the Center of Planning and Economic Re-
search (KEPE). In addition, he has published scientific papers in various ref-
ereed 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.
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Modern Japanese Economic Thought
An Intellectual History to 1950
Kiichiro Yagi
Economic Policy and the History of Economic Thought
Edited by Stavros Drakopoulos and Ioannis Katselidis
For more information about this series, please visit: www.routledge.com/
series/SE0341
Economic Policy and
the History of Economic
Thought
Edited by
Stavros Drakopoulos and
Ioannis Katselidis
First published 2023
by Routledge
4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
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© 2023 selection and editorial matter, Stavros Drakopoulos and
Ioannis Katselidis; individual chapters, the contributors
The right of Stavros Drakopoulos and Ioannis Katselidis to be
identified as the authors of the editorial material, and of the authors
for their individual chapters, has been asserted in accordance with
sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
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explanation without intent to infringe.
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
ISBN: 978-1-032-13196-2 (hbk)
ISBN: 978-1-032-13197-9 (pbk)
ISBN: 978-1-003-22809-7 (ebk)
DOI: 10.4324/9781003228097
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Contents
List of contributors ix
1 Introduction 1
STAVROS DRAKOPOULOS AND IOANNIS KATSELIDIS
2 Economic Policy in the Prehistory of Economics:
A Comparative Framework 13
GEORGE GOTSIS
3 Mercantilism: A Project for Development 34
COSIMO PERROTTA
4 Physiocracy and Fiscal Reform: The Chimera of the
Impôt Unique 53
SIMONA PISANELLI
5 Post-Smithian Views on Poverty and Poor Relief 69
COSMA ORSI
6 Karl Marx: A Critical View on Economic Policy 89
CHARALAMPOS KONSTANTINIDIS AND ANDRIANA VLACHOU
7 Economic Policy in Marginalist and Early Neoclassical
Economics 1871–1920s 109
MICHEL S. ZOUBOULAKIS
viii Contents
8 The German Historical School on Economic Policy 123
HARALD HAGEMANN
9 The Old Institutional School and Labour Market Functions
and Policies 141
STAVROS DRAKOPOULOS AND IOANNIS KATSELIDIS
10 Austrian Economics and Economic Policy 159
PETER T. LEESON AND LOUIS ROUANET
11 Keynes on Theorising for Policy 173
SHEILA DOW
12 The Unfinished Revolution in Policy: The Visionary
Legacy of Lord Keynes 189
ATSUSHI KOMINE
13 Post-War Heterodox Approaches and Economic Policy 206
ROBERT McMASTER
14 Policy Challenges, Ideologies, and the Evolution of
Behavioural Economics 224
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? 245
ARNE HEISE
Name Index 265
Subject Index 269
Contributors
Sheila Dow’s research focuses on the methodology and history of econom-
ics, money and banking, regional finance and macroeconomics. In addi-
tion to her academic career, she has worked as an economist and served as
an adviser in the government sector. Her recent books include Foundations
for New Economic Thinking (2012), and The General Theory and Keynes for
the 21st Century and Money, Method and Post-Keynesian Economics for the 21st
Century (both co-edited with J. Jespersen and G. Tily, 2018).
Stavros Drakopoulos obtained a BA in economics from the Athens Uni-
versity of Economics and Business, and an MSc and a PhD in economics
from the University of Stirling, UK. Having served academic appoint-
ments at the Universities of Glasgow and Aberdeen, he is currently Profes-
sor 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 Eco-
nomic Thought, Labour Economics, Health Economics and the Econom-
ics of Subjective Well-Being. He has 52 publications in refereed journals,
5 books, and 15 chapters in edited books.
Peter E. Earl (MA, PhD, Cambridge) is an honorary associate professor
in the School of Economics at the University of Queensland, Australia,
where he worked from 2001 until his retirement in 2020. He has been a
behavioural economist since the late 1970s and is a past co-editor of the
Journal of Economic Psychology. His latest book is Principles of Behavioral Eco-
nomics: Bringing Together Old, New and Evolutionary Approaches (Cambridge
University Press, 2022).
George Gotsis is Professor of Philosophy and History of Economics at the
Department of History and Philosophy of Science, National and Kapodis-
trian University of Athens (NKUA), Greece. He holds two PhD degrees
in Political Science from Panteion University and in Economics from
NKUA, respectively. His main research interests comprise, among oth-
ers, History of Economic Ideas, Religion in Business and Faith at Work,
Entrepreneurship and Religion, and Intercultural Business Ethics. He has
