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Acocella N.. Rediscovering Economic Policy as a Discipline. Cambridge University Press,2018. — 425 p... 2018

Government interventions in market failures can encounter objections from those who doubt their efficacy. Acocella, a leading expert on economic policy, counters these unfounded criticisms, making the convincing case for the foundation, coordination and reach of government action through economic policy. Arguing for the governmental potential to devise democratic, fair and effective institutions and policies, this book also demonstrates the validity of the principles outlined by Frisch and Tinbergen, amongst others, for controlling the economy, in a strategic context, equivalent to the rational expectations assumption. Demonstrating how unconventional monetary policies and other policies (such as macroprudential regulation, new fiscal rules and new forms of international policy coordination) can offer an effective response to the multiplicity of current economic issues, the recent financial crisis arguably indicates that economic policy must once again take centre stage as the applied complement to mainstream economic theory.

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Acknowledgements

Part I Economic Policy As a Disciplin

Introduction

The Core of Economic Policy and Its Two Pillars: The ‘Logic’ and the ‘Theory’ of Economic Policy

Overview of the Development of the Discipline

The ‘Invisible Hand’ and the ‘Night-Watchman’ State

The Seeds forthe Birth of the Logic of Economic Policy

The Theory of Economic Policy and the Link between the Two Pillars

The Classical Theory of Economic Policy with Fixed and Flexible Targets

1.7 Linking the Two Pillars

Why Did Economic Policy As a Discipline First Develop in Scandinavia and the Netherlands - And How Did It Develop Elsewhere?

Economic Policy in Italy since the 1960s

2 Progressive Dismantling and Demise of the Classical Theory of Economic Policy

This chapter deals with the critiques against the first and second pillars of economic policy as a discipline.

Why Economic Policy Did Not Pass Over to Other Countries or Survive

Preconditions for the Existence of an Economic Discipline: The Core of Economic Policy under Attack

Minor Failures: The Identity of Policymakers

Vital Failures and the First Pillar: The Impossibility of a Democratic Social Welfare

Vital Failures and the Second Pillar: The Ineffectiveness of Policy Action

The Need for Rules and Constraints: Independent (and Conservative) Central Banks and Authorities to Limit Discretionary Policy Action

Waiting for a Revaluation of Policy Effectiveness

Re-establishing the First Pillar and a Silent Revolution for the Effectiveness of Policy Action

The critique of the first pillar of economic policy as a discipline emerged rather early, really even before a complete statement of the discipline, and required some time to be overcome.

Possibilities of a Democratic Social-Welfare Ordering: The Need for a ‘Theory of Justice’

Rip van Winkle and the Rebuttal of the Theoretical Convictions of the 1970s and 1980s on the Ineffectiveness of Economic Policy

The Surprise Effect

The Non-Vertical Long-Run Phillips Curve

The Optimal Inflation Rate

Political Independence of Central Banks

Conservative Central Banks and Alternative Ways of Governing Inflation

The Changing Value OfMultipliers and Fiscal Policy

An Application of Values OfMultipliers: Inconsistency of the EMU Institutions

What Have We Learned from the Crisis?

Revaluation of the Classical Approachto Economic Policy

Equivalence of Rational Expectations to a Strategic Game

An Example of Conflicts Rather Than Passive Subordination and the Need for a Theory of Conflicts

Conditions for Controllability in a Static Strategic Setting with Two or Multiple Players

Notions and Conditions of Controllability in a Dynamic Strategic Setting

Summary and Open Issues

Part II Economic Policy in the Present Tens

The Challenges of the Financial Crisis, Rising Inequality, Secular Stagnation and Globalisation

Economic PolicyAs a Lame Duck?

In this and the following chapter we introduce elements of realism in our conception of the economic discipline.

The ‘Bad News’: New Economic and Social Issues - The Great Recession

The Crisis As a Pivot: The Limits to Fiscal and Monetary Policy and the Need to Devise New Policy Tools

The ‘Good News’: New Monetary Policies and Macro-Prudential Instruments for Dealing with Crises

Searching for New Rules of Fiscal Policy

Coordinating Macroeconomic Policies: Down in the Trenches or Clearing Clouds for the Future?

Fighting Inequalities

Dealing with Secular Stagnation

Finding an International Equilibrium in Times of Globalisation and Redesign of International Institutions

One Step Forward towards Realism in Theories Relevant to Effective and Accountable Policymaking

In this chapter we first discuss some policy solutions necessary to ensure proper working of a capitalist system.

Searching for the Right Signals in a Market Economy to Prevent Crises and to Manage Them

Signals, Transparency and Forward Guidance

The Issue of Knowledge Sharing of Models and Policy Effectiveness

How to Enrich the Classical Conception of Economic Policy As a Discipline

Complementing and Refining the Abstract Theory of Policymaking

Why Can Economic Policy Be a Useful Discipline?

Institutions As the Ring Connecting the Three Parts of Economic Policy

Social Choice and Institutions for Building a Fair Society

Conflicts and Coordination in a Democratic Society

The Central Role of Education for Democracy

Institutions for Building a Well-Functioning Society

The Many Reasons Why the Theory of Economic Policy Has an Impact on Institutions

For a Democratic, Fair and Efficient Society: A Restatement of the Need for a Unitary Discipline of Economic Policy

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