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La fin de l'Histoire (économique)

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  • Jean-Paul Fitoussi

Abstract

Some papers, for reasons which remain partially obscure, leave a persistent trace in intellectual history. Such is the case with Keynes? « Economic Possibilities for our Grandchildren » and its central questioning: Could the very functioning of the capitalist system lead to the solution of the economic problem and hence to the end of capitalism itself? This paper sustains that the answers given by Keynes to this question are grounded on three elements: arithmetic, the neurosis of capitalism and the communism of the elites. On the first element, Keynes is right; one may even argue that his reasoning anticipates Solow?s growth model. The second element is rooted in the context in which Keynes was writing and grounded on a false interpretation of Freud?s work which led him to a simplistic analysis of human needs. The third element unveils his aristocratic view of society. What is remarkable in « the economic possibilities » is the powerful intuition of Keynes and even more remarkable the nature of the questions he poses. What is deceptive is the naivety with which Keynes deals with human needs and even more deceptive his arrogance and the questionable moral which goes with it. JEL Classification: A13, D11, D63, E12, E21, O47, P17.

Suggested Citation

  • Jean-Paul Fitoussi, 2007. "La fin de l'Histoire (économique)," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 125-135.
    • Handle: RePEc:cai:reofsp:reof_102_0125
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    References listed on IDEAS

    as
    1. Edmund S. Phelps, 2008. "Macroeconomics for a Modern Economy," The American Economist, Sage Publications, vol. 52(1), pages 3-22, March.
    2. Robert E. Lucas Jr., 2003. "Macroeconomic Priorities," American Economic Review, American Economic Association, vol. 93(1), pages 1-14, March.
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    More about this item

    Keywords

    secular growth; human needs; capitalism; economic systems; inequalities;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • P17 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Performance and Prospects

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