Macroeconomic thought at the European Commission in the 1970s: the first decade of the annual economic reports

Abstract

The work seeks to better understand how economic thought changes at policy institutions, as compared to academic institutions. The prevalence of academic economics during the 1970s introduced pronounced changes in the Annual Economic Reports of the European Commission. These changes, touted by economic analysts as a naturally complex process, focused primarily on the effect of evolving policy institutions on the economic well-being of the European Commission. One of the most dramatic changes that occurred during the period is the rise of Keynesian economics, which was eventually followed by the dominance of monetarism and supply-side economics. JEL Codes: E12, F15, E02

Keywords

• European Union
• European Commission
• Macroeconomics
• Keynesian economics