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Relire « The Misundestood Economy » de Robert Eisner. Pax Economica.

Identifieur interne : 000805 ( Hal/Curation ); précédent : 000804; suivant : 000806

Relire « The Misundestood Economy » de Robert Eisner. Pax Economica.

Auteurs : Jacques Fontanel [France]

Source :

RBID : Hal:hal-02610746

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Abstract

In 1994, Robert Eisner was looking for cures to the global economic crisis. He proposed some economic analyses and solutions that could be useful as the Covid-19 pandemic plunged the world economy into recession. He highlighted the comparative advantages of the United States because of its oil and natural reserves and the role of the dollar in international trade, which make it a debtor and a drain on investments that would be useful in developing countries. Moreover, the measure of GDP per capita is not an indicator of citizens' well-being, given that the concept is too imprecise today to account for all activities, especially non-market activities. The United States does not save enough. A public deficit can be of great economic interest, even if it can exert inflationary pressures and makes intergenerational transfers politically unappreciated, even though they can be useful for all generations. Friedman's analysis of monetarist policy and Phelps' analysis of the concept of natural unemployment are wrong. The state must have a long-term strategy, particularly in terms of infrastructure. The economic crisis highlights the shortcomings of mainstream economic theory. Eisner has renewed certain concepts and analyses, which could have been used to avoid, at least partially, the damage caused by this crisis.


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<p>In 1994, Robert Eisner was looking for cures to the global economic crisis. He proposed some economic analyses and solutions that could be useful as the Covid-19 pandemic plunged the world economy into recession. He highlighted the comparative advantages of the United States because of its oil and natural reserves and the role of the dollar in international trade, which make it a debtor and a drain on investments that would be useful in developing countries. Moreover, the measure of GDP per capita is not an indicator of citizens' well-being, given that the concept is too imprecise today to account for all activities, especially non-market activities. The United States does not save enough. A public deficit can be of great economic interest, even if it can exert inflationary pressures and makes intergenerational transfers politically unappreciated, even though they can be useful for all generations. Friedman's analysis of monetarist policy and Phelps' analysis of the concept of natural unemployment are wrong. The state must have a long-term strategy, particularly in terms of infrastructure. The economic crisis highlights the shortcomings of mainstream economic theory. Eisner has renewed certain concepts and analyses, which could have been used to avoid, at least partially, the damage caused by this crisis.</p>
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<p>En 1994, Robert Eisner cherchait des remèdes à la crise économique mondiale. Il proposait alors certaines analyses et solutions économiques qui pourraient être utiles au moment où la pandémie du Covid-19 plonge l’économie mondiale dans la récession. Il met en évidence des avantages comparatifs des Etats-Unis du fait de ses réserves pétrolières et naturelles et du rôle du dollar dans les échanges internationaux, qui font de ce pays un débiteur qui draine les investissements qui seraient bien utiles dans les pays en développement. En outre, la mesure du PIB par habitant n’est pas un indicateur du bien-être des citoyens, eu égard à ce concept aujourd’hui trop imprécis pour rendre compte de toutes les activités, notamment non marchandes. Les Etats-Unis n’épargnent pas assez. Un déficit public peut avoir un grand intérêt économique, même s’ils peuvent exercer tes tensions inflationnistes et rend politiquement les transferts intergénérationnels peu appréciés, alors qu’ils peuvent être utiles pour toutes les générations. Les analyses de Friedman sur la politique monétariste et de Phelps sur le concept de chômage naturel sont erronées. Il faut que l’Etat dispose d’une stratégie de long terme, notamment en matière d’infrastructures. La crise économique a mis en évidence les insuffisances de la théorie économique dominante. Eisner a renouvelé certains concepts et analyses économiques, qui auraient pu être utilisés pour éviter, au moins partiellement les dégâts de cette crise.</p>
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