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Public Finance and French decline
[Finances publiques et décrochage économique français]

Author

Listed:
  • François Facchini

    (UP1 UFR02 - Université Paris 1 Panthéon-Sorbonne - École d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This article therefore aims to show that France is declining (1) because it has chosen to strengthen the socialization of its consumption and investment choices at a time when many countries have successfully slowed this movement by implementing anti-Keynesian policies to reduce public deficits by reducing public spending (2). These countries are the United Kingdom, New Zealand, Sweden, Canada, Ireland and Denmark, among others. They have all implemented anti-Keynesian policies. The success of these policies is by construction incomprehensible in a Keynesian framework. It is explained by the negative effects of deficits, debt and public spending on economic growth via the decline in investment, the risk of inflation, the increase in taxes, the distortions of the capital structure, the financing of unproductive spending (BARS curve) and the installation of lasting twin deficits (3). The French decline is not irreversible in this sense. It can be blocked by the implementation of anti-Keynesian policies.

Suggested Citation

  • François Facchini, 2024. "Public Finance and French decline [Finances publiques et décrochage économique français]," Post-Print hal-04723092, HAL.
    • Handle: RePEc:hal:journl:hal-04723092
    Note: View the original document on HAL open archive server: https://hal.science/hal-04723092v1
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