Economic Policy Objectives in Various Methodological Approaches in Economics
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Publication date: 2011-08-31
GNPJE 2011;249(7-8):113-138
The article aims to define and classify economic policy objectives according to the methodological approach on which they are based. This is a significant issue that fills a gap in existing research, according to the author. Attempts to define economic policy objectives are often made at random; researchers in countries such as Germany usually limit themselves to listing such objectives, Horodecka says, while research reports in English-speaking countries tend to focus on the practical aspects of economic policy. The author discusses different methodological approaches to economic policy making. The adopted method of analysis makes it possible to determine the most important features of economic policy depending on the approach adopted. The author classifies and defines economic policy objectives depending on the methodological approach adopted. She identifies the following approaches in the context of economic policy objectives: a normative approach, focusing on economic prosperity; a positive approach, based on growth and stability as the functions of the economic system; and a descriptive approach, focusing on objectives actually pursued by economic policymakers in specific countries. The analysis resulted not only in defining and classifying economic policy objectives, but also in determining the advantages and disadvantages of individual approaches. This critical review of the existing methods points to the superiority of the descriptive approach, Horodecka concludes.
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