The Political Economy of Long-term Planning

This book breaks down new ways to use foresight and economic theory to enhance economic planning at a national level. Economic forecasting models often rely on time-series analysis. While important, these models can limit an economist’s ability to foresee economic outcomes comprehensively. Effective economic planning and policymaking require a deep understanding of the socioeconomic and political forces that shape future economic outcomes. Using an interdisciplinary approach to economic theory and foresight, this book explores a new way to approach economic planning. Emphasizing resilience, adaptability, and future-oriented behavior, this book highlights how policymakers and researchers can integrate foresight and futures methodologies at local and national levels. It explores the methodological challenges inherent in foresight and offers a comprehensive guide to developing and utilizing scenarios. The chapters examine factors related to human thinking and behaviors, demonstrating how this knowledge can be used to support emerging developments across various economies. The book provides resources and management tools to help readers understand economic development using economic foresight. Acknowledging both the challenges and opportunities of long-term planning within developing economies, the authors provide recent case studies from Greece and beyond. Readers will gain a thorough understanding of the political economy of foresight and the essential theories needed to illustrate unique dynamics of socioeconomic change. Panagiotis E. Petrakis is Professor Emeritus of Economics and the scientific supervisor for the E-Learning Programme at the National and Kapodistrian University of Athens (NKUA). He is a series editor for two Palgrave book series on European and Greek economic futures. Giorgos Vasilis is a researcher for the E-Learning Programme at the NKUA. Anna-Maria Kanzola is a researcher for the E-Learning Programme at the NKUA.