Potential Growth: Economic Policy in the Kingdom of the Blind

Croissance potentielle: la politique économique au royaume des aveugles ?

Jacques Le Cacheux

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Abstract: The 2009 crisis has shed a crude light on the deep shortcomings of standardmacroeconomic theory and of its representation of the workings of macroeconomicpolicy. The analytical framework in which most macroeconomists reason,the one that guides national, European, and international institutions' orientations,is intrinsically unable to deliver insights on the structural evolutions of economiesthat are massively intertwined with finance and in perpetual technological change.The key concepts on which this framework is built lead to the choice of indicatorsthat generate misleading signals. Standard macroeconomic aggregates guidingeconomic policies have been losing their meaning, but continue to be relied uponwhen forming a diagnosis on national economies. Rebuilding macroeconomictheory on new foundations is urgent; but the avenues that are currently beingexplored are far from providing adequate answers.

Date: 2017-09-27
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Published in Revue Economique, 2017, 68 (Hors-série), pp.29-39. ⟨10.3917/reco.hs02.0029⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02419077

DOI: 10.3917/reco.hs02.0029

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