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The Evolution of Economy and Economic Thought

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Theoretical Approaches to Economic Growth and Development

Abstract

The evolution of economic thought is examined, compiled on a comprehensive table, which is then analyzed alongside the main milestones of the development of the global economy. Reference is made to the economy and economics until the Great Recession of 2008. Also, the advancement of technology in the period following the Great Depression and the end of the Second World War is depicted. The favorable period for global economy and the dominance of Keynesian economics were succeeded, after 1970, by a highly volatile economic environment with strong fluctuations in terms of both output and price level. Also, developments during the Great Moderation period, until the Great Recession of 2008, are presented. Finally, reference is made to the period of the Great Recession of 2008 and to its aftermath.

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  1. Department of Economics, National and Kapodistrian University of Athens, Athens, Greece

    Panagiotis E. Petrakis

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Petrakis, P.E. (2020). The Evolution of Economy and Economic Thought. In: Theoretical Approaches to Economic Growth and Development. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-50068-9_9

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  • DOI: https://doi.org/10.1007/978-3-030-50068-9_9

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