Chapter 11. The state as the agent of economic policy

This chapter is another one in which we evaluate the socio-economic reality and its theoretical foundations in the light of conclusions derived from the personalist approach. The object of evaluation here is the social and economic effects of the economic activity of the state. In addition to its role as legislator, in which the state creates, among other things, a whole system of economic law, it plays a dual role in the economy. On the one hand, it is a consumer of goods and services, and on the other – an entity that tries to influence economic growth and employment through various tools of economic policy. Each of these roles is reflected in mainstream theories. Their keystone is the Keynesian concept of aggregate income, which was used to construct the macroeconomic aggregate in the form of Gross Domestic Product (GDP). We evaluate both the concept of this aggregate and the effects of its application in economic policy.

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