The timing of the book—published in English this month after its original release in French last year—is pertinent. The relationship between economics and politics is starting to unravel. Over the past year, many have sought to explain Brexit, the election of Donald Trump, and the rise of far-right and far-left politics in Europe using economic arguments. But it’s becoming clear that economics alone does not explain the situation. If the questions at the root of public life are no longer answered by the famous political dictum, “It’s the economy, stupid,” where does that leave economists? [...]
He also isn’t afraid to turn the tables. “We get the economic policies we deserve,” he writes. “And as long as a lack of economic understanding prevails among the general public, making good policy choices will take a lot of political courage.” This concern shared by the Bank of England’s chief economist, Andy Haldane, who recently said the UK suffers from “twin deficits” in public understanding and trust in economics (paywall). [...]
It also applies to the National Front in France [a far-right party], which has a similar economic program. People see the market as this anonymous entity that is running their life. Governments have a role to play, but not what they think. They want someone to rescue them and they think the government is going to protect their job. I am for a welfare state but, for example, not the way it works now in France. You want to protect workers; you don’t want to protect jobs. [...]
I’m pessimistic. If you look at the populist movement—but not just populists— they always offer more sovereignty. If you look at the broader scale, it’s ridiculous. The French are going to defend against Germans and vice versa. But as a narrative it works, and the trend is towards more sovereignty and less federalism.
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