Une nouvelle stratégie macroéconomique

NEW YORK – Bien que je compte parmi les macroéconomistes, je me distingue des deux principales écoles qui opposent la profession aux États-Unis : d’une part les néokeynésiens, qui s’attachent à booster la demande globale, et d’autre part les économistes de l’offre, axés sur l’abaissement des taxes. Ces deux écoles tentent depuis plusieurs années en vain de remédier à la faible performance persistante des économies à revenu élevé. Il est temps désormais d’adopter une nouvelle stratégie, basée sur une croissance durable, elle-même axée sur l’investissement.

Le principal défi de la macroéconomie consiste à allouer les ressources d’une société de la manière la plus appropriée. Il est nécessaire que les individus désireux de travailler puissent trouver un emploi, que les industries déploient efficacement leurs capitaux, et que la part de revenus économisée soit investie dans l’amélioration du bien-être futur, au lieu d’être consommée.

C’est autour de cette troisième difficulté que les néokeynésiens, comme les économistes de l’offre, ne se montrent pas à la hauteur. La plupart des pays à revenu élevé – États-Unis, majeure partie de l’Europe, ou encore Japon – échouent à investir de manière adéquate ou judicieuse dans les meilleures perspectives d’avenir. Il existe deux manières d’investir – à savoir sur le plan national ou à l’échelle internationale – et notre monde semble échouer sur les deux fronts.

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