Explores four current economic problems - crises, stagnation, efficiency and equity, and globalization - and the difficulty of taming them. The content is equally accessible to readers with a basic knowledge of economics, those with no knowledge of economics, and those well trained in economics.
The book illustrates the historical roots of the institutions and policies at the core of the European Union, which are largely based on the operation of free markets and a common monetary policy. It analyzes the imbalances caused by both these institutions and reemerging populism, suggesting possibilities for future conditions and reforms.
A leading expert on economic policy makes the convincing case for the foundation, coordination and reach of government action through economic policy. Presenting justifications for government intervention in coping with market failures, Acocella applies the theory of economic policy to current global issues.
This new theory of economic policy accommodates and responds to conflicts between strategic actions by public and private agents. It is an essential tool for understanding the real impact of policy neutrality, rational expectations, time inconsistency and policy announcements, and suggests institution designs with optimal chances of success.
An examination of macroeconomic policy, focusing on the relationship between free-market policies and government intervention.