EconPapers    
Economics at your fingertips  
 

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

Jacques Fontanel ()
Additional contact information
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

Working Papers from HAL

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
Note: View the original document on HAL open archive server: https://hal.univ-grenoble-alpes.fr/hal-02610746
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://hal.univ-grenoble-alpes.fr/hal-02610746/document (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:hal-02610746

Access Statistics for this paper

More papers in Working Papers from HAL
Bibliographic data for series maintained by CCSD ().

 
Page updated 2023-09-12
Handle: RePEc:hal:wpaper:hal-02610746