Economic Policy in the Greek Economy

The aim of the course is to show what transformations took place in the Greek economy, by which policies or processes, what effects have occurred; what effects have occurred, which problems were addressed and which were not, and and generally what changes were made and what is Greece's position and prospects in the European and world system today. Also, to understand which economic tools (even some non-economic data) are important for assessing Greece's economic dynamics and economic policy.

The course is organized in two parts. The first part deals with the issues of the formation of what we call "normality" in the Greek economy until the beginning of 2020 when the great recession of COVID-19 (inclusive) occurred and how the "transgression" of this "normality" which has now incorporated three major recessions: of 2010, 2020 and 2022, can be realized. The course analyzes the political economy of Greece up to 2030, starting from the time of the creation of the Greek state and covering five key areas of action of human economic and social activity, given the human-centred and interdisciplinary nature of development: the sustainability of economic growth, the sustainable governance of society and the economy, the inclusiveness in the economic and social conditions, the shaping of social behaviours, and the dynamic ability of the economy to contribute to the improvement of the economic and social conditions of the country. This particular organization of thought serves to prioritize the objectives of economic policy, which is extremely useful for the second part of the course, where policies aimed at economic growth and development of the Greek economy are presented. The second part of the course analyses the conditions for the implementation of policies (fiscal, monetary, but above all reforms) that are necessary for the Greek economy to enter a decade of economic growth. It is to this last point that this course pays great attention. Economic developments, especially after Covid-19 and the energy crisis, show that the resilience of economies is very important for the well-being of citizens. Key elements for resilience are the implementation of a comprehensive program of structural reforms and the shaping of a pattern of production, so that on the one hand the economy can successfully integrate into the international division of labor without risking systemic crises (over-indebtedness crisis, epidemiological crisis, environmental crisis, etc.). To do this, policies must be developed in six areas: Direct action policies, mainly monetary and fiscal policies aimed at filling the output gap in the short and medium term. In the medium term, policies are developed in five areas: Sustainable development policies, sustainable governance policies, behavioural policies, inclusiveness policies, and policies for dynamic economic growth in the medium and long term.