Springer The Role of Economic Advisers in Israel's Economic Policy: Crises, Reform and Stabilization

This book illustrates the role of international economic advisors in the development of Israel’s economic policies. Based on extensive archival and historical research, it presents case studies on the policy impacts of the world-renowned advisors Michal Kalecki, Abba Lerner, Richard Kahn, Milton Friedman, Herbert Stein and Stanley Fischer. The authors evaluate the contributions of these advisors to policy developments in various fields, including international trade and capital flows, exchange rates, fiscal and monetary policy, industrial policy and labor relations. Readers will discover a wealth of previously unpublished information on these advisors’ activities, perspectives on policy and interactions with policymakers and the public. Using the Israeli experience as a guide, the authors subsequently derive general hypotheses regarding the conditions that are conducive to the success of economic advisors. Review “This book examines the impact that economic advisors have had in Israel. … This book will be of interest to aficionados of economic policy making and cognoscenti of the Israeli economy.” (Paul Rivlin, EH.net, July, 2018) From the Back Cover This book illustrates the role of international economic advisors in the development of Israel’s economic policies. Based on extensive archival and historical research, it presents case studies on the policy impacts of the world-renowned advisors Michal Kalecki, Abba Lerner, Richard Kahn, Milton Friedman, Herbert Stein and Stanley Fischer. The authors evaluate the contributions of these advisors to policy developments in various fields, including international trade and capital flows, exchange rates, fiscal and monetary policy, industrial policy and labor relations. Readers will discover a wealth of previously unpublished information on these advisors’ activities, perspectives on policy and interactions with policymakers and the public. Using the Israeli experience as a guide, the authors subsequently derive general hypotheses regarding the conditions that are conducive to the success of economic advisors. About the Author Daniel Schiffman is Senior Lecturer in the Department of Economics and Business Administration at Ariel University, Israel. He specializes in economic history and the history of economic thought. His publications include: “Shattered Rails, Ruined Credit: Financial Fragility and Railroad Operations in the Great Depression,” Journal of Economic History, September 2003; “Mainstream Economics, Heterodoxy and Academic Exclusion: A Review Essay,” European Journal of Political Economy, November 2004; “Rabbinical Perspectives on Money in Seventeenth Century Ottoman Egypt,” European Journal of the History of Economic Thought, May 2010; “Rabbinic Responses to High Inflation in Israel, 1973-1985,” in Levine, Aaron (ed.) The Oxford Handbook of Judaism and Economics, Oxford University Press, 2010; and “The Triumph of Rhetoric: Pigou as Keynesian Whipping Boy and its Unintended Consequences,” (with Robert Leeson) in Leeson, Robert (ed.), Hayek, A Collaborative Biography Part III: Fraud, Fascism and Free Market Religion, Archival Insights into the Evolution of Economics, Palgrave Macmillan, 2014. Schiffman studied at New York University (B.A.) and Columbia University (M.A., Ph.D.). He received the Economic History Association’s Allan Nevins Prize for best Ph.D. dissertation on the economic history of North America. Warren Young is Associate Professor of Economics and Director of the Azrieli Center for Economic Research at Bar Ilan University, Israel. He is the author and editor of many books and papers on the history of modern Macroeconomics and other topics, including the Economics of Israel. He has been a Visiting Professor at Victoria University of Wellington, New Zealand; Deakin University, Australia; Ben-Gurion University, Israel; Tepper School of Business, Carnegie-Mellon University; Center for the Study