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

Jacques Fontanel ()
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Jacques Fontanel: CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UGA - Université Grenoble Alpes - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble - UGA - Université Grenoble Alpes

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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.

Keywords: U.S. economy; NAIRU; international economy; GDP; income transfers; public debt; public deficit; inflation; dollar; savings; welfare measure; Dette publique; déficit public; économie internationale; mesure du bien-être; PIB; Epargne; transferts de revenus; Monnaie (search for similar items in EconPapers)
Date: 2020-05-09
New Economics Papers: this item is included in nep-hme and nep-hpe
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