Views of Joseph E. Stiglitz on the role and scope of the state’s influence on the economy against the background of previous views
DOI:
https://doi.org/10.12775/EiP.2021.001Keywords
history of economic thought, the role of the market in the economy, the role of the state in the economy, liberalism, interventionismAbstract
Motivation: In the history of economic thought up to now, one of the topics causing the fiercest disputes was the role of the state and the market in economic life. The creators of the oldest concepts suggested that the state should steer the economy. Since the beginning of the 18th century, the supporters of laissez-faire, the invisible hand of the market, and the auctioneer have been getting more and more respect. Their creators argued that the free market works efficiently and effectively. These views were undermined by the Great Depression. In response to the deep recession, Keynesianism was created, which led to the radicalization of supporters of a strong state on the one hand, and an unhampered market on the other.
Aim: The aim of this article is to present in a synthetic way the evolution of views on the resource allocation mechanism in the economy. The research problem can be contained in three questions: How have theoretical views on the role of the state and the market in the economy evolved? Which views remain relevant? What is Joseph E. Stiglitz’s contribution to the discussion on the state-market relationship?
Result: An innovative solution was proposed by Joseph E. Stiglitz. He pointed out that the state and the market should not be opposed as mechanisms for coordinating economic activity. He was in favour of developing ways of cooperation between the state and the market in order to ensure the effective functioning of modern economies that are mixed economies. This solution has rendered out of date the existing dispute between supporters of interventionism and laissez-faire.
References
Cantillon, R. (1979). Essai de la nature du commerce en général. Texte manuscrit de la Bibliothèque de Rouen. Avec le texte de l’édition oryginale de 1755 et une étude bibliographique par T. Tsuda. Tokyo: Kinokuniya Book-Store.
Child, J. (1751). A new discourse of trade. Glasgow: Robert and Andrew Foulis.
Dach, Z. (Ed.). (2008). Państwo a rynek we współczesnej gospodarce: wybrane problemy. Kraków: PTE.
Fichte, J.G. (1917). Der geschloßene Handelsstaat. Ein philosophischer Entwurf als Probe einer künstig zu liefernden Politik. Leipzig: Im Insel-Verlag.
Fichte, J.G. (1996). Teoria wiedzy: wybór pism. Vol. 1. Warszawa: PWN.
Galbraith, J.K. (2017). Economics in perspective: a critical history. Princeton: Princeton University Press. doi:10.2307/j.ctt1vwmhch.
Hales, J. (1958). Rozprawa o wspólnym pożytku królestwa Anglii. In E. Taylor & S. Zaleski (Eds.), Merkantylizm i początki szkoły klasycznej: wybór pism ekonomicznych XVI i XVII wieku. Warszawa: PWN.
Jarmołowicz, W. (Ed.). (2012). Liberalizm ekonomiczny w dobie transformacji, integracji i globalizacji. Poznań: UE w Poznaniu.
Keynes, J.M. (1936). The general theory of employment, interest and money. London: Macmillan.
Lassalle, F. (1878). Kapitał i praca, czyli pan Bastiat-Szulce z Delicza, Julian ekonomiczny. Lwów: Antonii Mańkowski.
Lassalle, F. (1889). Wybór pism. Paryż: Librairie Ghio.
Lassalle, F. (1905). Nauka a robotnicy: mowa obrończa wypowiedziana przed Berlińskim Sądem Karnym. Warszawa: Bibljoteka Naukowa.
Lassalle, F. (1907). Program robotników: wykład o szczególnym związku obecnego okresu dziejowego z ideą klasy robotniczej. Warszawa: Biblioteka Ludowa.
Mandeville, B. (1988). The fable of the bees or private vices, public benefits. Indianapolis: Liberty Fund.
Misselden, E. (1622). Free trade, or the meanes to make trade florish. London: John Legatt.
Misselden, E. (1623). The circle of commerce, or the balance of trade. London: John Dawson.
Montchrétien, A. (1970). Traicté de l’œconomie politique dédié en 1615 au roy et à la reyne mère du roy. Genève: Slatkine Reprints.
More, T. (1964). Utopia. New Haven–London: Yale University Press.
Mun, T. (1856). A discourse of trade, from England unto the East Indies. In J.R. McCulloch (Ed.), A select collection of early English tracts on commerce from the originals of Mun, Roberts, North, and others, with a preface and index. London: Political Economy Club.
Owsiak, S. (Ed.). (2017). Państwo a gospodarka. Warszawa: PTE.
Petty, W. (1899a). A treatise of taxes and contributions, In: Ch.H. Hull (Ed.), The economic writings of sir William Petty, together with the observations upon the bills of mortality, more probably by captain John Graunt. Vol. 1. Cambridge: Cambridge University Press.
Petty, W. (1899b). Political arithmetick. In: Ch.H. Hull (Ed.), The economic writings of sir William Petty, together with the observations upon the bills of mortality, more probably by captain John Graunt. Vol. 1. Cambridge: Cambridge University Press.
Petty, W. (1899c). Verbum sapienti. Ch.H. Hull (Ed.), The economic writings of sir William Petty, together with the observations upon the bills of mortality, more probably by captain John Graunt. Vol. 1. Cambridge: Cambridge University Press.
Plato. (1992). The republic. London: Everyman’s Library.
Quesnay, F. (1928). Prawo przyrodzone. In F. Quesnay, Pisma wybrane. Warszawa: Gebethner i Wolff.
Samuelson, P.A. (1961). Economics: an introductory analysis. New York–Toronto–London: McGraw-Hill.
Serra, A. (1958). Krótki traktat o przyczynach, które mogą sprowadzić obfitość złota i srebra w krajach nieposiadających kopalni. In E. Taylor & S. Zaleski (Eds.), Merkantylizm i początki szkoły klasycznej: wybór pism ekonomicznych XVI i XVII wieku. Warszawa: PWN.
Smith, A. (1863). An inquiry into the nature and causes of the wealth of nations. Edinburgh: Adam and Charles Black.
Smith, A. (2004). The theory of moral sentiments. Cambridge: Cambridge University Press.
Stiglitz, J.E. (2004). Ekonomia sektora publicznego. Warszawa: PWN.
Stiglitz, J.E. (2006). Szalone lata dziewięćdziesiąte: nowa historia najświetniejszej dekady w dziejach świata. Warszawa: PWN.
Stiglitz, J.E. (2010). Freefall: jazda bez trzymanki: Ameryka, wolne rynki i tonięcie gospodarki światowej. Warszawa: PTE.
Stiglitz, J.E. (2015). Cena nierówności: w jaki sposób dzisiejsze podziały społeczne zagrażają naszej przyszłości. Warszawa: Krytyka Polityczna.
Turgot, A.R.J. (1844). Éloge de Gournay. In Oeuvres de Turgot. Paris: Guillaumin.
Wagner, A. (1883). Finanzwissenschaft. 1. Theil. Leipzig–Heidelberg: C.F. Winter’sche Verlagshandlung.
Wagner, A. (1892). Grundlegung der politischen Oekonomie. 1. Theil. Leipzig: C.F. Winter’sche Verlagshandlung.
Wagner, A. (1895). Die akademische Nationalökonomie und der Socialismus. Berlin: Druck von Julius Becker.
Wagner, A. (1904). Die finanzielle Mitbeteiligung der Gemeinden an kulturellen Staatseinrichtungen und die Entwickelung der Gemeindeeinnahmen. Mit besonderem Bezug auf preussische Verhältnisse. Jena: von Gustav Fischer.
Walras, L. (1874). Éléments d’économie politique pure, ou théorie de la richesse sociale. Lausane–Paris–Bale: Imprimerie L. Corbaz-Guillaumin–H. Georg.
Walras, L. (1896). Études d’économie sociale : théorie de la répartition de la richesse sociale. Lausanne–Paris: F. Rouge Libraire-Éditeur–R. Pichon Imprimeur-Éditeur.
Walras, L. (1926). Éléments d’économie politique pure, ou théorie de la richesse sociale. Paris–Lausane: R. Pichon et R. Durand-Auzias–F. Rouge Libraire-Éditeur.
Zagórski, J. (1963). Ekonomia Franciszka Quesnaya. Warszawa: PWN.
Downloads
Published
How to Cite
Issue
Section
Stats
Number of views and downloads: 1319
Number of citations: 0
