By Eloi Laurent, Jacques Le Cacheux, J. Le Cacheux, David Jasper
The textual content is edited via of Fitoussi's closest collaborators through the years and contains contributions from 5 Nobel Prize winners, all additionally Fitoussi's co-authors and acquaintances: Kenneth Arrow, Edmund Phelps, Amartya Sen, Robert Solow and Joseph Stiglitz. the quantity editors supply a finished advent which contextualises Fitoussi's paintings and discusses his interpretations of Keynesian economics and the monetary crises, in addition to a vast define of his rules. The participants heavily research Fitoussi's macroeconomic conception on dealing with financial coverage, his principles on Europe's integration, sustainability and size of the commercial global. The layout of the amount is unique, because it permits Fitoussi to reply to 3 of the 5 Nobel prize winners, and is exclusive in supplying a large scope of evaluations from best experts within the field.
This assortment is a key examine of Fitoussi's rules making it crucial analyzing for college kids and researchers of macroeconomic coverage, ecu political economic system and sustainability, in addition to being of value to policy-makers, civil-servants and the lay person.
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Jean-Paul Fitoussi has left a major mark either by way of scholarship and policy-making impact world wide, or even extra in Europe and France. Fitoussi's pluralistic method has formed glossy macroeconomics, political economic system, economics of inequality and, extra lately, the economics of sustainability.
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Extra info for Fruitful Economics: Papers in honor of and by Jean-Paul Fitoussi
Those focusing on debt at the national level have warned that debt financed 38 Joseph E. Stiglitz spending will be counterproductive in the long-run. Much of this view has been based on the now-discredited work of Reinhardt and Rogoff, who contended that once debt exceeded 90%, the adverse effect on growth increased significantly. 52 A large literature has now called attention to other failings – the lack of attention to causality (it was the recession that caused slow growth, not the other way around); to the difference in circumstances.
Instead of creating a framework that would facilitate convergence, they created one that exhibits dynamic instability: with each country responsible for its own banking system, and with confidence in a country’s banking system inevitably depending on the country’s ability and willingness to bail out troubled banks, money flees weak countries and its banks, making them even weaker. Private contraction amplifies the effects of public austerity. So too, the obligation of citizens to pay for Reconstructing Macroeconomic Theory to Manage Economic Policy 35 their parents misdeeds – but only if they remain in the country – induces skilled labor to leave, increasing the burden on those remaining.
They look at the experience of different countries over long time periods. Such analyzes should be an important warning of the foolishness of mindless regressions. Of course, when the economy is at or near full employment, the multiplier (correctly measured) will be low. Even then, measurement problems (GDP is not a good measure of economic output, providing only a biased estimate of economic performance when the share of government expenditure increases43) and econometric problems bedevil such analyses.