Économie de l’offre, de la demande, ou de l’innovation ?

NEW YORK – Il est désormais impossible de nier cette fameuse stagnation séculaire qui affecte aujourd’hui les économies les plus développées de la planète : alors même que les richesses s’accumulent, les salaires réels augmentent à peine, et le taux de participation au marché du travail suit une trajectoire à la baisse. Pire encore, il semble que les responsables politiques n’aient aucune idée plausible de la manière d’y remédier.

Cette stagnation trouve son origine dans un ralentissement de la croissance de la productivité depuis 1970. La source des gains de productivité – à savoir l’innovation autochtone – se trouve sévèrement obstruée depuis la fin des années 1960 (notamment au sein des secteurs industriels bien établis), et l’était encore davantage en 2005.

Dans les années 1970, c’est sous l’angle de l’offre que Ronald Reagan et Margaret Thatcher abordent cette stagnation défavorable aux économies. Ils choisissent ainsi de réduire l’imposition sur les bénéfices et les salaires, afin de dynamiser l’investissement et la croissance, avec au bout du compte des résultats discutables.

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