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TERRA ECONOMICUS

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  • 2014
  • No 2.2
  • Comparative analysis of theoretical approaches to the role of government in the economy

Comparative analysis of theoretical approaches to the role of government in the economy

TERRA ECONOMICUS, , Vol. 12 (no. 2.2),
p. 26-30

The article analyzes the most important areas of economic thought of the twentieth century in terms of their perceptions of the role of the government in the economy. Five major economic trends – Keynesian and post-Keynesianism, neo-classical economic theory, the Austrian School, the theory of regulation – in different ways evaluate the function of the government in the economic order. Representatives of neoclassical economics and the Austrian school is almost completely excluded the government from of economic processes. Proponents of the theory of government regulations considered the government as one of the most important institutions of the formation of economic relations. Keynesian and post-Keynesians believed that achieving a balance in the economy is impossible without the direct intervention of the government.


Keywords: government; government regulation; the free market; the institute

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606