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The Misfortunes of Prosperity: An Introduction to Modern Political Economy

The Misfortunes of Prosperity: An Introduction to Modern Political Economy


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About the Book

Are robust economic growth and tight social cohesion something of the past, or is contemporary stagnation simply a part of a long economic cycle that is bound to bring brighter days? Should government step in to boost productivity and income, or does economic globalization necessitate a new laissez-faire model for the 21st century? "The Misfortunes of Prosperity" elucidates the current debates on these and other questions in a tour of the dominant ideas in political economy, summarizing historical and theoretical perspectives on the causes of economic growth in the United States, Western Europe, Japan and elsewhere as the 20th century draws to a close. Daniel Cohen discusses the effects of the showdown of productivity in Europe and the United States and explains the origin of the apparent tradeoff between unemployment in Europe and wage inequalities in the United States. On questions of economic policy and the competing academic views (new classical and Keynesian) of the efficacy of government intervention, Cohen inverts the Keynesian belief that government intervention causes growth, and explains why waves of government interventions (including wars) usually follow upward economic trends (rather than create it). But he also advocates government discretion rather than government neutrality by showing the disastrous consequences of hands off approach to debt, inflation and social security.

Table of Contents:
Slowdown in growth; jobs and unemployment; Keynes and his shadow; the new monetarist orthodoxy; economic and political cycles; the two crises of Keynesianism. Appendices: the history of wealth; the history of the modern state; underconsumption theories.

About the Author :
Daniel Cohen is Professor of Economics at the Ecole Normale Superieure and the Universite de Paris-I and a member of the Council of Economic Analysis of the French Prime Minister. A frequent contributor to Le Monde, he is also the author of The Wealth of the World and the Poverty of Nations (1998), Our Modern Times: The Nature of Capitalism in the Information Age (2002), and Globalization and Its Enemies (2006), all published by the MIT Press.


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Product Details
  • ISBN-13: 9780262032308
  • Publisher: MIT Press Ltd
  • Publisher Imprint: MIT Press
  • Height: 206 mm
  • Returnable: N
  • Sub Title: An Introduction to Modern Political Economy
  • Width: 140 mm
  • ISBN-10: 0262032309
  • Publisher Date: 01 Aug 1995
  • Binding: Hardback
  • Language: French
  • Spine Width: 20 mm
  • Weight: 363 gr


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