Phelps on the Western Economies and Economics in the West, and the Rest

Jacques Le Cacheux

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Abstract: This short paper addresses some of the points made in Edmund Phelps' appraisal of Western economies. After briefly characterizing Phelps' gloomy diagnosis, it first questions the hypothesis of ‘secular stagnation' and poor growth prospects. We go on discussing the ideas that ‘flourishing' was more widely shared in the XIXth century, and that the security-oriented welfare states of the early XXIrst century are the problem. We conclude with some thoughts on standard contemporary economics, and the way it could be amended.

Date: 2016-12
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Published in Homo Oeconomicus: Journal of Behavioral and Institutional Economics, 2016, 33 (4), pp.349-355. ⟨10.1007/s41412-016-0028-x⟩

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Journal Article: Phelps on the Western Economies and Economics in the West, and the Rest (2016)
Working Paper: Phelps on the Western Economies and Economics in the West, and the Rest (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-01884851

DOI: 10.1007/s41412-016-0028-x

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