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Phelps on the Western Economies and Economics in the West, and the Rest

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  • Jacques Le Cacheux

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour)

Abstract

This short paper addresses some of the points made in Edmund Phelps' appraisal of Western economies. After briefly characterizing Phelps' gloomy diagnosis, it first questions the hypothesis of ‘secular stagnation' and poor growth prospects. We go on discussing the ideas that ‘flourishing' was more widely shared in the XIXth century, and that the security-oriented welfare states of the early XXIrst century are the problem. We conclude with some thoughts on standard contemporary economics, and the way it could be amended.

Suggested Citation

  • Jacques Le Cacheux, 2016. "Phelps on the Western Economies and Economics in the West, and the Rest," SciencePo Working papers Main hal-01884851, HAL.
    • Handle: RePEc:hal:spmain:hal-01884851
    DOI: 10.1007/s41412-016-0028-x
    Note: View the original document on HAL open archive server: https://hal-univ-pau.archives-ouvertes.fr/hal-01884851
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    1. Edmund S. Phelps, 2008. "Macroeconomics for a Modern Economy," The American Economist, Sage Publications, vol. 52(1), pages 3-22, March.
    2. Robert J. Gordon, 2012. "Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds," NBER Working Papers 18315, National Bureau of Economic Research, Inc.
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